The cryptocurrency winter just got a little colder as lender Celsius Network filed for Chapter 11 bankruptcy protection in New York. The crypto lender said it took the step to stabilize its operations and work out a restructuring. Last month it stopped all withdrawals amid deposits. Celsius, which has more than 100,000 creditors, said it has between $1 billion and $10 billion in assets and liabilities. It is the latest victim of a $2 trillion crypto crash that has wiped out some of the industry’s biggest names and exposed hundreds of thousands of investors to big losses.
5 things to start your day
- Billions invested in green energy technology favored by Boris Johnson $2.8 billion invested in nuclear fusion in the last 12 months
- Red Wall voters £340 worse off than those in the south Inflation in northern cities is up to a third faster than price rises in London
- Netflix strikes a deal with Microsoft to introduce ad breaks.
- Titanic shipyard awarded critical defense contract after HMRC row This marks the shipyard’s first defense contract in its 161-year history
- Race for solar panels saves households £600m on their energy bills Installations rise to seven-year high amid cost-of-living crisis
What happened in the night
Hong Kong stocks rose slightly this morning, with the Hang Seng index up 0.1%. The Shanghai Composite fell 0.2 percent while the Shenzhen Composite on China’s second bourse also fell 0.2 percent. Tokyo stocks opened lower after moderate losses on Wall Street. The benchmark Nikkei 225 fell 0.6 percent in early trade, while the broader Topix lost 0.7 percent.
It’s coming today
Economic: Unemployment Claims (US), Producer Price Index (US) Corporate: Ashmore Group, Barratt Developments, Dr Martens, Experian, Hays, Rio Tinto, Severn Trent (transaction update)
