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Cypherpunk Holdings has sold all of its holdings of bitcoin and ether for cash

Canadian investment firm Cypherpunk Holdings sold 205 ETH and 214.7 BTC for $4.7 million in cash.

Cypherpunk Holdings has sold all of its bitcoin and ether holdings. CEO Jeff Gao explained that the company was forced to make this decision due to the growing volatility of cryptocurrencies.

“We believe that it is most prudent now to stay on the sidelines until crypto volatility and illiquidity come to its logical conclusion. We are seeing crypto assets move towards lower levels as more platforms temporarily suspend withdrawals,” Gao said.

Cypherpunk management said that the company does not lose faith in the long-term bullish trend in the cryptocurrency market and is ready to seize investment opportunities as they arise.

The bitcoin rate continues to stay at the level of $20,000. Investment companies and financial institutions seek to get rid of excess crypto assets. Hedge funds and large traders are shorting the USDT stablecoin en masse as the situation with the Terra project has reduced confidence in stablecoins in general.

Over the past year, bitcoin and ether have lost more than half of their value. In November, Bitcoin peaked at $69,000, while Ethereum hit an all-time high of $4,800, with a total cryptocurrency market capitalization of nearly $3 trillion. Now the market capitalization has decreased to $900 billion, and Ethereum is trading at about $1,100 per coin. Cypherpunk shares on the Canadian Stock Exchange have fallen by 50% since the beginning of 2022.

In 2020, Cypherpunk Holdings sold all of its ETH and XMR, investing the proceeds in bitcoin.

Source: Bits

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