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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