Connect with us

News

54 migrants dead, 105 injured after vehicle overturns in Chiapas, Mexico: Authorities

Published

on

A vehicle full of migrants overturned in Chiapas, Mexico, Thursday night, leaving 54 dead and 105 injured, authorities said.

“After the accident that occurred in Chiapa de Corzo, I inform you that unfortunately 49 people died at the scene and 5 more died while receiving medical attention in hospitals,” Chiapas Gov. Rutilio Escandón tweeted. “We have 105 injured (83 men and 22 women), care for the injured continues.”

Workers remove the container from the trailer of a truck that crashed with migrants aboard during a road accident in Tuxtla Gutierrez, Chiapas state, Mexico, on December 9, 2021. – At least 53 migrants were killed on December 9 in Mexico after the truck they were hiding in hit a retaining wall and overturned in the southern state of Chiapas, a major transit point for those trying to reach the United States.

Civil Protection Chiapas said on Twitter that the tragedy was the result of a “car accident of two trucks traveling on the Belisario Domínguez Bridge and Ribera Cauharé in Chiapa de corzo

“I deeply regret the tragedy caused by the overturning of a trailer in Chiapas carrying Central American migrants. It’s very painful. I embrace the families of the victims,” Mexican President Andres Manuel Lopez Obrador tweeted.

Mexico’s National Institute of Immigration also confirmed the incident on Twitter, saying it “regrets the death of migrants in the tragic accident that occurred in Chiapas.”

Advertisement

It said it is coordinating efforts with national, state and municipal authorities to provide consular assistance, identify bodies, cover funeral expenses and facilitate the repatriation of remains to countries of origin.

“Humanitarian attention that will be granted to the survivors will be accommodation, food and in case they accept, Visitor Cards for Humanitarian Reasons,” the institute wrote. “The INM will assist in the investigation of the accident.”

This is a developing story. Please check back for updates.

Advertisement
Continue Reading
Advertisement
Click to comment

205.8209 ETH

Risk Of ‘Significant Drawdowns’ Pushes Cypherpunk Holdings To Sell Entire Stash Of Bitcoin And Ethereum

Published

on

Risk Of ‘Significant Drawdowns’ Pushes Cypherpunk Holdings To Sell Entire Stash Of Bitcoin And Ethereum

On Tuesday, the Canada-based investment firm Cypherpunk Holdings Inc. announced that the company has sold all of its bitcoin and ethereum due to the “risk of further significant drawdowns.” The company has transitioned its treasury to cash after selling 214.72 bitcoin and 205.82 ethereum as Cypherpunk Holdings continues “to see systemic risks propagating” across the crypto economy.

Cypherpunk Holdings Sells All of the Bitcoin and Ethereum on Its Balance Sheet

Crypto winter has done a lot of damage since the bull run’s price highs, as more than $2 trillion has left the digital currency economy since the first week of November 2021. Today, the crypto economy is worth roughly $945 billion and bitcoin (BTC) is coasting along just above the $20K per unit range.

BTC is down more than 70% from the all-time high ($69K) on November 10, 2021, and ethereum (ETH) has lost more than 77% since the ATH ($4,878) recorded on the same day. On June 28, 2022, or eight months later, the publicly listed Canadian investment company Cypherpunk Holdings revealed it had dumped all of its bitcoin and ether holdings.

Advertisement




Cypherpunk Holdings (CSE: HODL) (OTC Pink: CYFRF) was one of the many publicly listed companies that held bitcoin and ethereum on its balance sheet. The update from the company notes that the sale was due to risk and it said the crypto economy may see “significant drawdowns” going forward.

CEO and president of Cypherpunk Holdings Jeff Gao.

Cypherpunk Holdings sold approximately 214.7203 BTC and 205.8209 ETH and it got around $4,927,000 for the lot of crypto assets. The company said that it currently has just over $14 million worth of “cash and stables” on hand. After the sale, the CEO and president of Cypherpunk Holdings, Jeff Gao, spoke about dumping the digital assets for cash.

“Recently, Cypherpunk liquidated all of its treasury holdings in BTC and ETH for cash and withdrew back to custody,” Gao wrote in an update concerning the company’s cryptocurrency holdings and strategy.

“We continue to see systemic risks propagating throughout the crypto ecosystem and, in our assessment of the risk reward and opportunity costs involved in holding asset tokens, 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,” Gao said. “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 Cypherpunk Holdings executive continued by adding:

Advertisement




Until such a time as our thesis on market conditions change, our treasury will remain in cash. Cypherpunk maintains its long-term bullish outlook on crypto and currently plans to actively seek to capitalize on compelling risk reward opportunities as and when they present.

Company Sold 196.74 Bitcoin and 382 Ether Prior to the June 28 Announcement and Amid the Terra LUNA Fallout

Furthermore, Cypherpunk Holdings dumped bitcoin (BTC) before the June 28 announcement, as it told investors on June 13 that it sold 96.74 BTC for $2.9 million and 50 ETH for $100K. Cypherpunk Holdings’ management also decided to unload shares of Animoca Brands, as it sold the company’s last block of 500,000 Animoca shares for “a realized profit of 234%.” Amid the Terra LUNA and UST fallout, on May 11, 2022, Cypherpunk Holdings sold 100 BTC and 332 ETH for just over $4 million.

With Cypherpunk Holdings removed from the Bitcoin Treasuries list, and Microstrategy’s recent purchase of 480 bitcoins, publicly-listed companies hold 268,357 BTC worth 5.382 billion at current bitcoin exchange rates. Exchange-traded products hold 828,641 BTC, countries hold 50,699 BTC, and private companies own 174,381 BTC, according to the Bitcoin Treasuries list on June 29.

What do you think about Cypherpunk Holdings dumping its bitcoin and ether because it believes “weaker price action” is coming? Let us know what you think about this subject in the comments section below.

Advertisement




Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Advertisement




Continue Reading

Altcoins

What of Ethereum now that $1.4B worth of ETH are sold

Published

on

What of Ethereum now that $1.4B worth of ETH are sold

Ethereum [ETH], the king of altcoins has failed to register any significant improvement in the month of June. It is still stuck with the bears at the $1k level. Notably, this level was previously visited by the coin at a time when the market crash wiped out 46.4% of the ETH’s value. But with Q3 of 2022, circumstances might take a positive turn for ETH holders.

Ethereum needs a boost

Observing the entire Ethereum network, one can simply say that Ethereum needs a boost from its investors. Well, on the fundamental level, the network is making progress in all directions. Evidently, the arrival of ETH 2.0 and anticipation of ‘Merge’ has somewhat failed to accelerate ETH’s growth.

Thus, it’s important that the broader market cues turn positive at once since ETH is currently dependent on it. The bearishness prevalent in the market over the past couple of weeks has blocked Ethereum’s all attempts to rally. Consequently, investors have been forced to sell and prevent further losses.

In the month of June alone, about 1.3 million ETH worth over $1.45 billion was sent back to exchanges, most of which was a part of panic selling that was triggered by the crash of 9 June.

Advertisement




However, most of this selling did not come from Ethereum’s loyalists, the long-term HODLers. Primarily, because the HODL waves made it evident that the one-month to three-month cohort took the charge of selling.

Their control over the supply reduced from 14% to a little over 9%, resulting in an increase in the domination of the HODLers who have held their supply for less than a month.

What is ETH looking for?

What Ethereum needs now is some patience from investors and a quick market-wide recovery. Patience because the investors need to hold off on moving their supply around until the mark price is at level with the buy price.

Doing the opposite of that may result in transactions that would be conducted at a loss, and such transactions combined have caused the spent output profit ratio to fall below 1.0.

Trading at $1,092 at press time, ETH needed to retrace its steps back to pre-June levels at the least to correct this decline, which may take a while considering the alt’s price decline of 5.2% in the last 24 hours.

Advertisement




Source: TradingView

Aaryamann is a freelance crypto journalist working with AMBCrypto. He is currently investing his time in the crypto-space. He has a keen interest in DeFi, the ever-expanding possibilities of blockchain technology, as well as the political impact they would have.

Advertisement




Continue Reading

central bank digital currency

Report: Taiwan’s Central Bank May Need 2 Years To Complete Work On CBDC

Published

on

Report: Taiwan’s Central Bank May Need 2 Years To Complete Work On CBDC

Taiwan’s central bank is yet to conclude work on its central bank digital currency (CBDC) and according to the bank’s governor, the institution may need two more years to finish its work, a report has said. Some of the bank’s next tasks include winning the public’s support, ensuring the system is stable, and building the currency’s legal framework.

Simulating Use of the CBDC

Some two years after work on Taiwan’s central bank digital currency (CBDC) commenced, the governor of the country’s central bank, Yang Chin-long, recently revealed that his organization is still working on the project. Yang warned the central bank may need as long as two years to complete the task.

Yang, who spoke at a digital currencies forum, also disclosed the central bank had been simulating the use of the CBDC in what a Reuters report called a closed-loop environment. However, the same report said the central bank now faces three key tasks. These include communicating and ultimately winning the public’s support, ensuring the system is stable, and building the currency a legal framework.

Advertisement




According to the report, the governor also conceded that the entire process may last more than the anticipated two-year period.

While the Taiwanese people are reported to be more accustomed to using cash, Yang said the central bank had to consider the fact that future generations will likely use digital currencies more than they use physical cash.

“We still have to push forward. After all, most of the young people in the future will use mobile phones, so we have to think about the next generation,” Yang is quoted in the report explaining.

What are your thoughts on this story? Let us know what you think in the comments section below.

Advertisement




Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Advertisement




Continue Reading

Trending

Get our daily News updatesSignup to get instant updates straight to your email