After the recent price drops, Bitcoin approached the $20,000 level again, triggering a new wave of selling. a publicly traded investment firm Cypherpunk Holdingsannounced that it has sold 100% of its Bitcoin and Ethereum assets for cash.
Falling as low as $20,200 bitcoin Its price has witnessed mass sales by institutional investors and investment firms. James Hume, head of sales at Huobi Global, told Cointelegraph that some institutional investors are being wary of crypto, with many institutions with billions of dollars in capital continuing to explore the space.
Speaking at the European Blockchain Convention, Hume noted that the cryptocurrency exchange Huobi has observed an increase in interest from institutional investors. About 20-30 firms with investments of more than $1 billion could start crypto trading in 2022. While Hume has a bullish outlook on increasing institutional involvement in crypto, Canadian-based investment firm Cypherpunk Holdings has been trading Bitcoin and Bitcoin. Ethereum chose to sell all of its investments.
The firm sold 205.8 Ethereum for $227,000 and 214.7 Bitcoin for $4.7 million. Cypherpunk made a total of $5 million from the sale of the two digital assets and continued to hold cash and stablecoins on hand.
Cypherpunk President and CEO Jeff Gao stated that the firm’s decision to sell its Bitcoin and Ethereum holdings was a result of increased market volatility. Both Bitcoin and Ethereum have lost more than half of their value in the past year. Shares of publicly traded Cypherpunk have lost 50% on the Canadian Stock Exchange since the start of 2022.
“We believe the most prudent approach is to stay on the sidelines while we wait for the volatility and liquidity contagion to reach its logical conclusion. On the balance of possibilities, we think as the number of chains applying ‘temporary’ suspensions to withdrawals, there will be weaker price action that opens the way to lower highs.”
Contrary to the short-term decline expectation; The firm also emphasized that it continues to maintain its bullish outlook in the long term and that its doors are always open to future opportunities.
Famous names commenting on the crypto money markets claim that the declines will lead. Koinfinans.com As we have mentioned before, the famous writer Robert Kiyosaki expects the Bitcoin price to drop to $ 1,100.
Although there are analysts who suggest that cryptocurrencies will rally, albeit for a short time, it is not possible to say that the general expectations are very positive. We are curious about your views on this subject, you can share your views in the “comment” section to share with us.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.