Japan s Nexon spends $100 million to buy bitcoin
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Last Updated: Apr 28, 2021, 07:59 AM IST
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Nexon said it has used less than 2% of its reserves on the purchases, which were made at an average cost of $58,000 per bitcoin.
Reuters
The purchases were made at an average cost of $58,000 per bitcoin.
TOKYO: Japanese games maker Nexon said on Wednesday it has spent around $100 million to buy bitcoin, joining companies like Tesla in lending support to the cryptocurrency.
Nexon said it has used less than 2% of its reserves on the purchases, which were made at an average cost of $58,000 per bitcoin. We believe bitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investments, Nexon CEO Owen Mahoney said in a statement.
Tesla sold bitcoin to prove liquidity as cash alternative: Elon Musk
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Last Updated: Apr 27, 2021, 02:01 PM IST
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Elon Musk has been a high-profile supporter of cryptocurrencies for some time.
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By Joanna Ossinger
Elon Musk said Tesla Inc. sold 10% of its Bitcoin holdings to demonstrate the token’s liquidity, while adding that he’s retained his personal investment in the cryptocurrency.
Tesla’s earnings report showed the firm which bought more than $1 billion of the tokens earlier this year generated $101 million in income from the sale. Musk said on Twitter that Tesla in essence was trying “to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.”
By Vildana Hajric
Bitcoin declined for the sixth time in seven days, extending losses after President Joe Biden was said to propose almost doubling the capital-gains tax for the wealthy.
The slide pushed Bitcoin down as much as 8% to about $50,500, sending it below the low of $51,707 reached Sunday. The coin had tumbled as much as 15% over the weekend in the wake of a false report from an anonymous Twitter account that the U.S. Treasury was cracking down on crypto money laundering.
“One of the biggest things you have to worry about is that the things with the biggest gains are going to be most susceptible to selling,” said Matt Maley, chief market strategist for Miller Tabak + Co. “It doesn’t mean people will dump wholesale, dump 100% of their positions, but you have some people who have huge money in this and, therefore, a big jump in the capital gains tax, they’ll be leaving a lot of money on the table.”
Days after a record high, bitcoin plunges in biggest intraday drop since February
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Last Updated: Apr 18, 2021, 12:53 PM IST
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Several online reports attributed the plunge to speculation the U.S. Treasury may crack down on money laundering that’s carried out through digital assets.
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Bitcoin plunged the most in more than seven weeks, just days after reaching a record.
The token fell 8.5% to $55,689.98 as of 1:48 p.m. in Singapore on Sunday, after declining as much as 15.1% to $51,707.51 earlier. Ether, the second-largest cryptocurrency, fell almost 8%.
Several online reports attributed the plunge to speculation the U.S. Treasury may crack down on money laundering that’s carried out through digital assets.