Investment company Cypherpunk Holdings has sold all of its bitcoin and Ethereum holdings amid a downturn in the market.
Market update from @CypherpunkHODLread here: https://t.co/mRUmqbfU9d #crypto #blockchain #opportunities #beready #cash pic.twitter.com/XXHw9Z7nyh
— Cypherpunk Holdings ($HODL) (@CypherpunkHODL) June 28, 2022
The company sold 205.8209 ETH for 293,000 Canadian dollars (over $227,000 at the time of writing) and 214.7203 BTC for just over 6 million Canadian dollars (over $4.7 million).
The total proceeds from the sale of cryptocurrencies amounted to 6,378,787 Canadian dollars (nearly $5 million).
Cypherpunk Holdings said that the company has withdrawn all bitcoins and Ethereum into cash amid high risks of a further significant fall in the price of crypto assets. Until market conditions change, funds will continue to be held in cash.
At the same time, the head of the company, Jeff Gao, emphasized that Cypherpunk Holdings maintains long-term bullish forecasts for cryptocurrencies and plans to capitalize on investment opportunities as they arise.
In June, the price of bitcoin fell below $18,000, Ethereum dropped to $900. Analysts allow a further drop in the value of the first cryptocurrency up to $10,350.
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Source: Cryptocurrency
I am Derek Black, an author of World Stock Market. I have a degree in creative writing and journalism from the University of Central Florida. I have a passion for writing and informing the public. I strive to be accurate and fair in my reporting, and to provide a voice for those who may not otherwise be heard.
