Retail and institutional investors continue to sell as Bitcoin (BTC) struggles to stay above $ 20,000.
Cypherpunk Holdings says goodbye to Bitcoin and Ethereum
Cypherpunk Holdings, a publicly traded investment firm based in Canada, bitcoin announced that it has sold all its assets (BTC) and Ethereum (ETH). The selling pressure that emerged after the macroeconomic conditions continues unabated. The global economy, which has been plunged into deep uncertainty due to Fed rate hikes, high inflation and the Russia-Ukraine war, has dealt a severe blow to the cryptocurrency market. The tendency to flee from risky businesses has triggered wholesaling. James Hume, head of Huobi Global, told Bloomberg that some institutional investors are concerned about cryptocurrencies, while many companies with billions of dollars in capital are afraid of joining the cryptocurrency caravan due to regulation and high volatility.
Speaking at the European Blockchain Convention, Hume said that despite all of these negativities, cryptocurrency exchange Huobi has seen increased interest from institutional investors. According to the research, around 20-30 companies valued at over $ 1 billion could enter the cryptocurrency industry in 2022. While Hume remains optimistic about increasing institutional holding, Canadian investment firm Cypherpunk Holdings has sparked concern by selling all of them. its holdings in Bitcoin and Ethereum. The company announced it had sold 205.8 Etherum for $ 227,000 and 214.7 Bitcoin for $ 4.7 million. Cypherpunk earned a total of $ 5 million from the sale of the two digital assets. Cypherpunk president and CEO Jeff Gao said the bear market and high volatility are behind the company’s decision to sell its holdings in Bitcoin and Ethereum. Both Bitcoin and Ethereum have lost more than half of their value over the past year. Shares of publicly traded Cypherpunk have lost 50% on the Canadian stock exchange since the beginning of 2022. The executive released the following statement:
Macroeconomic conditions continue to threaten risky assets. Due to the high volatility and bear market, we thought the best decision would be to sell our Bitcoin and Ethereum.
Robert Kiyosaki’s Bitcoin prediction surprised
Robert Kiyosaki, the famous author of the book “Rich Dad Poor Dad”, predicts that the price of Bitcoin will drop to $ 1,100. Claiming that the US economy has been dragged into disaster for a long time, Kiyosaki has said more than that to his Twitter followers level. bitcoin He said he would take it. Kiyosaki’s new Bitcoin prediction has been criticized by many.
Cryptocurrency As the market is undergoing a drastic correction, experts argue that macroeconomic conditions must change for Bitcoin and altcoin to return to their former glory. There are many different theories as to how long the bear market will last. However, the reality is that cryptocurrencies are part of the global economy and have been heavily hit by high inflation and interest rate hikes.