Saturday, June 10, 2023
BitWolf
  • Home
  • Cryptocurrency
  • Blockchain
  • Nft & Metaverse
  • Market
  • Bitcoin
  • Ethereum
  • More
    • Solana
    • Litecoin
    • Dogecoin
  • Live Prices
No Result
View All Result
No Result
View All Result
BitWolf

Tech giant Meitu loses over $43M of its crypto investment in bear market

bitwolf by bitwolf
September 2, 2022
in Ethereum
0 0
0
Home Ethereum



BuyBitcoinswithDebitCard

Hong Kong tech big Meitu made headlines in April 2021 after it reported almost $100 million in crypto holdings. Nevertheless, with the onset of the bear market, the tech agency has misplaced almost half of the valuation of its crypto holdings.

In response to an area media report, Meitu reported an impairment lack of over 300 million yuan ($43.4 million) on its crypto holdings. An impairment loss is a loss within the worth of an asset when it falls under the carrying worth of the funding.

The monetary submitting revealed that the impairment loss has greater than doubled from the final quarter, one thing the agency had anticipated. The tech big has said that its crypto holdings might affect the web lack of the corporate by the tip of the primary half of the yr.

In a July alternate submitting, Meitu reported crypto holdings of about 940 Bitcoin (BTC) and 31,000 Ether (ETH), bought for $49.5 million and $50.5 million, respectively. The web crypto funding of the corporate was reported to be about $100 million, and the agency has misplaced almost half of the valuations of its funding by the tip of the second quarter of 2022, owing to the present downturn within the crypto market.

Associated: MicroStrategy stock MSTR hits 3-month high after CEO’s exit

Meitu is just not the one firm to incur vital losses on its crypto investments. MicroStrategy, the flag bearer of public corporations investing in Bitcoin, reported an impairment loss of over $900 million on its BTC holdings as of the second quarter of 2022.

On the peak of the crypto bull run final yr, Michael Saylor-led MicroStrategy popularized using BTC as a treasury reserve changing a portion of the U.S. greenback. The thought gained a number of traction as BTC was hitting a brand new all-time excessive each month, and the likes of Tesla, SpaceX and greater than a dozen public corporations joined the bandwagon. Nevertheless, Bitcoin’s worth has fallen by over 70% from its prime and is at the moment buying and selling at one-third of its all-time excessive worth.



Source link

Tags: 43MBearcryptogiantinvestmentLosesmarketMeitutech
ShareTweetShare
bitwolf

bitwolf

Next Post
Big Eyes Coin is set to Dominate the Crypto market like Dogecoin and Baby Dogecoin

Big Eyes Coin is set to Dominate the Crypto market like Dogecoin and Baby Dogecoin

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
Bitcoin Holds Above $17K Despite DCG Uncertainty – CoinDesk

Bitcoin Holds Above $17K Despite DCG Uncertainty – CoinDesk

January 10, 2023
Bitcoin community not happy with Peter Zeihan’s criticisms on Joe Rogan podcast

Bitcoin community not happy with Peter Zeihan’s criticisms on Joe Rogan podcast

January 10, 2023
MULN Stock: Mullen Is the New Dogecoin… Without Any of the Fun

MULN Stock: Mullen Is the New Dogecoin… Without Any of the Fun

January 22, 2023
Why Polygon could play a key role in mass blockchain adoption despite MATIC’s…

Why Polygon could play a key role in mass blockchain adoption despite MATIC’s…

January 10, 2023
Coinbase says it will ‘evaluate any potential forks’ following the Merge

Coinbase says it will ‘evaluate any potential forks’ following the Merge

29
Controversial Crypto Lawyer Kyle Roche Pulls Out of Nexo, Binance.US, Solana and Dfinity Lawsuits

Controversial Crypto Lawyer Kyle Roche Pulls Out of Nexo, Binance.US, Solana and Dfinity Lawsuits

19
Cointelegraph Markets Pro delivers alerts for 113% gains from 5 trades in the face of 10% BTC drop

Cointelegraph Markets Pro delivers alerts for 113% gains from 5 trades in the face of 10% BTC drop

19
Why is Cardano price up today?

Why is Cardano price up today?

18
Here’s Why Ethereum Could Be At Risk Of Falling To $1,000 Again

Here’s Why Ethereum Could Be At Risk Of Falling To $1,000 Again

June 9, 2023
Why advanced API security is critical to outsmarting new threats

Why advanced API security is critical to outsmarting new threats

June 9, 2023
Binance US to suspend dollar transactions after payment partners pause activity

Binance US to suspend dollar transactions after payment partners pause activity

June 9, 2023
Binance and Coinbase: Experts Weigh What’s Coming Next

Binance and Coinbase: Experts Weigh What’s Coming Next

June 9, 2023

Recent News

Here’s Why Ethereum Could Be At Risk Of Falling To $1,000 Again

Here’s Why Ethereum Could Be At Risk Of Falling To $1,000 Again

June 9, 2023
Why advanced API security is critical to outsmarting new threats

Why advanced API security is critical to outsmarting new threats

June 9, 2023
Binance US to suspend dollar transactions after payment partners pause activity

Binance US to suspend dollar transactions after payment partners pause activity

June 9, 2023

Categories

  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Dogecoin
  • Ethereum
  • Litecoin
  • Market & Analysis
  • Nft & Metaverse
  • Solana
  • Uncategorized

Tags

Big Binance Bitcoin Blockchain BNB BTC bullish Coin Cointelegraph crypto Cryptocurrency Data Digital DOGE Dogecoin ETH Ethereum Exchange eyes FTX Heres high Inu Investors Latest launches Litecoin LTC Magazine market News NFT NFTs price rally Report Shiba Solana Today token Top Trading Web3 Week XRP

© 2022 BitWolf All Rights Reserved

No Result
View All Result
  • Home
  • Cryptocurrency
  • Blockchain
  • Nft & Metaverse
  • Market
  • Bitcoin
  • Ethereum
  • More
    • Solana
    • Litecoin
    • Dogecoin
  • Live Prices

© 2022 BitWolf All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Translate »