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Meitu bears lack of greater than $43 million in cryptocurrency funding

Hong Kong know-how firm Meitu reported near $100 million in cryptocurrency holdings in April, 2021. Nevertheless, with the beginning of the bear market, the know-how agency made losses value half the valuation of its cryptocurrency holdings, as reported by Cointelegraph. 

On the idea of knowledge by Cointelegraph, via a neighborhood media report, Meitu reported losses over 300 million yuan ($43.four million) on its cryptocurrency holdings. As per a monetary submitting, it was revealed that the loss has greater than doubled from the final quarter, as was anticipated by the agency. The know-how firm mentioned that its cryptocurrency holding deposits might impact the online lack of the corporate by the top of first half of the 12 months.

As per Cointelegraph, via a July alternate submitting, Meitu reportedly had cryptocurrency holdings value 940 Bitcoin (BTC) and 31,000 Ether (ETH), purchased for $49.5 million and $50.5 million, respectively. Web cryptocurrency investments of the corporate was reported to be near $100 million, and the agency misplaced almost half of the valuations of its funding by Q2, 2022, with regard to the present downturn in cryptocurrency market.

Furthermore, Cointelegraph famous that other than Meitu, a cryptocurrency firm investing in Bitcoin, sustained losses on cryptocurrency investments value greater than $900 million on its BTC holdings in Q2, 2022. Michael Saylor, co-founder, MicroStrategy, emphasised using BTC as a treasury reserve for substitute of part of the US greenback. The concept acquired consideration on account of BTC reaching new all-time excessive each month, and corporations reminiscent of Tesla, SpaceX, and over a reported dozen public corporations joined the initiative. Nevertheless, Bitcoin’s value has seen a fall by over 70% from its high and is at present traded at one-third of its all-time excessive worth.

Going by Cointelegraph’s official web site, based in 2013, Cointelegraph is the digital media useful resource protecting information on blockchain know-how, cryptocurrency property, and monetary know-how (fintech) developments.

(With insights from Cointelegraph)

Additionally Learn: Cryptocurrency based mostly Tether asks for elimination of Roche Freedman as counsel

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