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Canadian investment firm Cypherpunk Holdings sold 100% of Bitcoin, Ethereum holdings

  • Publicly listed investment firm Cypherpunk Holdings sold all of its Bitcoin and Ethereum holdings and transitioned its treasury to cash. 
  • The company sold 205 Ether and 214.7 Bitcoin to gather $5 million in cash proceeds from the sales and ride market volatility. 
  • Robert Kiyosaki, author of “Rich Dad, Poor Dad”, told his followers that he is waiting for Bitcoin to test $1,100 to accumulate more. 

Bitcoin price plummeted to $20,200 in the recent bloodbath, triggering a wave of sell-offs by institutions and investment firms. Cypherpunk Holdings, a publicly-listed investment firm, sold 100% of its Bitcoin and Ethereum holdings for cash. 

Investment firm sells Bitcoin and Ethereum in bloodbath

Bitcoin price dropping to the $20,200 level has triggered a mass sell-off by institutional investors and investment firms. James Hume, head of sales at Huobi Global, told Cointelegraph that some institutional investors have gotten cold feet over crypto, while many with billions of dollars in capital are currently exploring the space. 

At the European Blockchain Convention, Hume told interviewers that cryptocurrency exchange Huobi had observed a spike in interest from institutional investors. About 20-30 firms with more than $1 billion could start crypto trading in 2022. While Hume has a bullish outlook on rising institutional participation in crypto, Canada-based investment firm Cypherpunk Holdings sold 100% Bitcoin and Ethereum holdings. 

The firm sold 205.8 Ether for $227,000 and 214.7 Bitcoin for $4.7 million. Cypherpunk accrued a total of $5 million in proceeds from the sale of the two digital assets and maintained cash and stablecoins on hand.

Jeff Gao, Cypherpunk President and CEO, said the decision to off-load the firm’s Bitcoin and Ethereum holdings was a result of the rising market volatility. Both Bitcoin and Ethereum have lost more than half of their value over the past year. Publicly-listed Cypherpunk’s shares have plummeted 50% since the beginning of 2022 on the Canadian Stock Exchange. 

Gao said, 

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 to come as reports of the number of chains imposing 'temporary' suspension on withdrawals increases.

The firm revealed a long-term bullish outlook on crypto and said that Cypherpunk is looking to capitalize on future investment opportunities in crypto as and when they present themselves. 

Robert Kiyosaki is awaiting a Bitcoin price drop to $1,100 

The acclaimed author of “Rich Dad Poor Dad” Robert Kiyosaki is awaiting Bitcoin price to drop to $1,100 before accumulating more of the asset. Kiyosaki told his Twitter followers on June 27, 2022, that he will scoop up more Bitcoin and add it to his reserve once it hits that price level. 

Kiyosaki’s new Bitcoin outlook was criticized by crypto Twitter, however, he explained,

losers quit when they lose but winners learn from their losses. Bitcoin losers are quitting. If [Bitcoin price fails to hit $1,100] does not, I will wait for losers to ‘capitulate’ quit then buy more.

FXStreet analysts have evaluated the Bitcoin price chart and recommended that investors approach the asset’s price with caution. For more information, watch this video:


 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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