Some CRYPKYP functionalities are depricated as of October 2022 and will no longer be populated until further development and future version.
Although all here is visible and interactable you can not Contribute to those articles.
Try looking at other information on the Platform and Contributing there!
Have a great day,
Cypherpunk Assets (HODL), a Canadian investment company, has sold all of its bitcoin and ether holdings to weather the present market volatility.
The corporation sold 205.8209 ether (ETH), Ethereum's native token, for C$293,000 and 214.7203 bitcoin (BTC) for about C$6.09million ($4.7 million). According to a notification made on Tuesday, it earned a total of C$6.38million ($5 million) from the transactions.
The corporation has about C$1.93 million ($1.5 million) committed to structured goods with a 30-day redemption notice. Jeff Gao, president, and chief executive officer of Cypherpunk, stated that the decision to sell all of the company's bitcoin and ether holdings was prompted by escalating market volatility that has made owning asset tokens riskier for investors.
In the past year, bitcoin and ether have lost more than half of their value, reaching 52-week lows earlier this month. The company’s shares have dropped 50 percent this year on the Canadian stock exchange.
In a statement, Gao added, “We believe that the most prudent approach is to sit on the sidelines as we wait for the volatility and illiquidity contagion to come to its logical conclusion. On the balance of probabilities, we see weaker price action opening the way to lower levels as reports of the number of chains imposing ‘temporary’ suspension on withdrawals increases,” he noted.
Cypherpunk, according to Gao, would keep a “long-term optimistic stance” on cryptocurrencies and seek to capitalize on future investment opportunities in the field “as and when they present.”
As a result of investors dumping off riskier assets in response to decades of rising inflation, the cryptocurrency markets have been thrown into a particularly harsh crypto winter.
An investigation by Arcane Research indicated that bitcoin mining businesses, such as Riot Blockchain (RIOT) and Bitfarms (BITF), sold more than 100 percent of their entire output in May, while the price of bitcoin dropped by 45 percent.
As economic headwinds continue to present solvency issues for cryptocurrency lenders and cause large-scale layoffs across the industry, investors are likely to continue selling their cryptocurrency assets and moving their money into what they perceive to be safer, less volatile assets until the market recovers.
Moe Adham, a chief investment officer of Cypherpunk Holdings, stated that until the market turns, the dangers for cryptocurrency investors remain “severe.”
“Crypto markets remain in a deep risk-off environment,” said Adham. “There remains a risk of further significant drawdowns in asset prices across the crypto sector,” he warned.