Cypherpunk Holdings got rid of all their bitcoin and Ethereum

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Investment company Cypherpunk Holdings has sold all of its bitcoin and Ethereum holdings amid a downturn in the market.

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).

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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Cypherpunk Holdings said that the company has withdrawn all bitcoins and Ethereum into cash amid high risks of a further significant fall in the price of crypto assets.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.

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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

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