Cypherpunk Holdings sells all Bitcoin and Ethereum holdings amid market downturn

The investment firm Cypherpunk Holdings sold all of its Bitcoin and Ethereum assets as the market fell.

Market update from @CypherpunkHODL, read here: https://t.co/mRUmqbfU9d #crypto #blockchain #opportunities #beready #cash pic.twitter.com/XXHw9Z7nyh

— Cypherpunk Holdings ($HODL) (@CypherpunkHODL) June 28, 2022

The company sold 205.8209 ETH for CAD 293,000 (more than $227,000 at the time of writing) and 214.7203 BTC for just over CAD 6 million (over $4.7 million).

Total proceeds from the sale of the cryptocurrencies amounted to CAD 6,378,787 (about $5 million).

Cypherpunk Holdings said the company has moved all Bitcoin and Ethereum into cash amid elevated risks of further substantial declines in crypto-asset prices. Until market conditions change, the funds will remain in cash.

CEO Jeff Gao emphasised that Cypherpunk Holdings retains a long-term bullish outlook for cryptocurrencies and plans to capitalise on investment opportunities as they arise.

In June, the price of Bitcoin fell below $18 000, Ethereum fell to around $900. Analysts allowed a further downside for the first cryptocurrency down to $10 350.

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