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Breaking News: US Lawmakers Urge SEC To Allow Crypto Investments In 401(k) Plans
Nexo

Nexo’s Recovery Shows Crypto Credit Storm May Have Settled

Best Owie
by Best Owie
3 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The crypto bear market had largely been brought about by the crash of various lending platforms. Crypto lending firms such as Voyager Digital and Celsius had quickly gone into bankruptcy after being unable to keep up with the market decline. Others, such as Nexo, had felt the heat from these crashes as a result of the bank runs that ensued. But it seems like the worst of the storm has passed as users begin to trust lending platforms once more.

Nexo Begins To See Inflows

After the various crashes that rocked the crypto lending space, Nexo had taken a big hit in terms of deposits and withdrawals. While deposits had slowed, withdrawals had increased to a point that rumors began circulating on social media that the crypto lender would be the next to go bankrupt.

Related Reading: Total Staked ETH More Than Doubles Ahead Of Ethereum Merge

Nevertheless, Nexo had been able to weather the storm better than the market had anticipated. It had seen slow movement for a while after, but as the market sentiment had begun to recover, Nexo saw more inflows from users.

Crypto lenders recovery

Nexo customer liabilities grows | Source: Arcane Research

On August 29th, the customer liabilities for Nexo were reported to be 199,170 BTC. This is a long way from its May high of 261,111 BTC, just before the market crash, but it shows significant growth from its July 21st low of 169,672 BTC.

Withdrawal pressure on the platform has also eased greatly, as is shown by the customer liabilities attestations. Additionally, it has shown a consistent uptrend in the month of August. A good sign for lending platforms in the space.

Where Is Crypto Lending Headed?

Crypto lending platforms have suffered the most in the current market trend, but they continue to receive support as they pass through one of the toughest times. An example is Holdnautm which received creditor protection from a Singapore court about a month after another troubled exchange, Zipmex, was granted the same creditor protection.

Related Reading: Bitcoin On-Chain Activity Bleeds Despite Hashrate Growth

Others, such as Celsius and Voyager Digital, continue to battle out their bankruptcy proceedings in the courts of New York. Both lending platforms have been able to provide updates to users, although not to a significant degree.

Nexo price chart from TradingView.com

Nexo price at $1.04 | Source: NEXOUSD on TradingView.com

More encouraging is the fact that news of crypto firms going bankrupt has slowed to a crawl. So despite Nexo being the only platform that has reported positive change, there may be others who are seeing a positive trend, especially given the recent turn in investor sentiment.

Featured image from Business 2 Community, charts from Arcane Research and TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Best Owie is a Managing Editor at Bitcoinist with extensive experience and a proficient expert known for crafting captivating and insightful content. Best boasts over six years in the crypto sector, and has supervised the conception and publication of thousands of articles. Best is also a content and marketing strategist with the ability to make sure your content reaches the right audience and beyond. In every aspect, Best stands out as a consummate professional, always striving for unparalleled excellence both within and outside the workplace.

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