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Bitcoin(BTC +1.4 percent), ethereum, and other major cryptocurrencies have recovered from last month's market disaster (that some think could reveal the future tech giants).
Despite a grim China warning, the bitcoin price has returned 20 percent from collapsing to a low of around $18,000 per bitcoin last week, with ethereum and other top ten cryptocurrencies BNB(BNB +2.9 percent), XRP(XRP +1.2 percent), solana, cardano, and dogecoin also making gains.
According to rumors, Wall Street titan Goldman Sachs is aiming to raise $2 billion in order to acquire the assets of troubled crypto lender Celsius, which has been badly affected by the recent bitcoin and crypto crisis.
According to Coindesk, Goldman Sachs is soliciting crypto funds and traditional financial institutions as part of a deal that could see it buy Celsius' crypto assets at a discount, with Blockworks adding that the deal could happen even if the lender does not declare bankruptcy, citing anonymous sources.
"Goldman didn't want to invest into the market's peak," one insider told Blockworks. "This is more to their liking."
Celsius, which had $12 billion in assets under control as of May this year, has been on the verge of bankruptcy after banning customer withdrawals earlier this month, claiming "extreme market circumstances" and compounding a crypto price fall that brought bitcoin below $20,000.
The Wall Street Journal previously reported that Celsius had recruited restructuring experts Alvarez & Marsal, and that CitigroupC +3.3 percent had been tapped to assist on alternative remedies.
The rumored proposal by Goldman Sachs for Celsius' crypto assets is expected to restore some confidence to the market after traders were frightened by the velocity of the bitcoin, ethereum, and cryptocurrency sell-off.
"However, it may not be the best time to buy," Alex Kuptsikevich, FxPro senior market analyst, said via email. "It may take considerable time before the crypto market digests the recent turmoil and enters a new phase of sustained demand from broad segments of investors, not just stressed asset hunters."
The Celsius crisis, which follows the collapse of the terraUSD stablecoin and its backup coin luna, has triggered new calls for greater crypto market and crypto firm oversight.
"I suspect that, following the recent events with Celsius, the United States will provide more clarity soon, on regulation towards custodial providers and lenders, to bring more stability to the crypto space,"
Marcus Sotiriou, an analyst at the U.K.-based digital asset broker GlobalBlock, wrote in an emailed note.
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