Cryptocurrency

The Famous Company Lost Millions in Bitcoin, But Gained Tens of Millions in This Altcoin!

Hong Kong-based technology company Meitu reported that it lost $ 17.3 million from Bitcoin (BTC), while it alleviated this loss from another altcoin project. Explaining that it is holding on to the markets with the profit / loss ratio in the middle of the two assets, the company gives details about its investment. We’re reviewing the report with crypto tracker Brian Quarmby…

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Meitu lost from Bitcoin (BTC), gained in this altcoin project

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While the company announced that it received a $17.3 million hit from Bitcoin (BTC), it announced the loss, stating that it earned $14.7 million from Ethereum (ETH). The company, which is the developer of Photoshop-style applications, announced that it spent a total of $ 100 million on BTC and ETH in the middle of March and April this year, and purchased 940.89 BTC for a total of $ 49.5 million and 31,000 ETH for $ 50.5 million.

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Cryptocoin. com, according to the technology company’s willing announcement on Tuesday, the fair value of BTC and ETH assets is based on market prices as of June 30, the last day of the firm’s semi-annual results according to International Financial Reporting Standards. . The investment rates are as follows…

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How much has the company invested in Bitcoin and Ethereum?

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According to the information, as of the end of the second quarter on June 30, Meitu’s BTC assets were worth $32.2 million and their ETH totaled $65.2 million. Meitu lost a total of $2.6 million from the first $100 million investment.

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Just as at the time, the Firm is calculating crypto assets as “digital assets under the cost model” in medium results and a loss of BTC is expected to be considered a “depreciation”, while ETH benefits will not be considered “revaluation gains” until sold. Additionally, with the repeat of the announcement, the firm’s bullish sentiment towards crypto has not changed. The company makes a statement in the form:

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The Council believes that the blockchain industry is still in its early stages and has ample room for cryptocurrencies to be worthwhile in the long run.

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Meitu states that he is thinking long term

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The firm stated in the report that “it currently has no plans to sell it in the near future” due to its long-term outlook. Alternately, Meitu also shared the new price of its prestige ETH and BTC holdings on Tuesday. Explaining that there was a total profit of $ 5.2 million in its first investment, the company added that this profit increased to $ 72.4 million in ETH and $ 32.8 million in BTC slowly.

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Additionally, an analysis to reassure Meitu came as well-known crypto Twitter account CroissantEth claimed that Ether could be valued more, tweeting “24 reasons why ETH is undervalued”. You can find the series here:

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https://twitter. com/CroissantEth/status/1412574228973563909

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Analyst gives positive signals for the future of Ethereum

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Communicating the potentials of 24 elements ETH, CroissantEth has 94 of the top 100 decentralized apps, alongside ETH use cases (decentralized finance and immutable tokens) in smart contracts and the upcoming EIP-1559 upgrade and eventual transition to ETH 2.0. He underlined the fact that . The analyst also explains:

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These protocols have many other use cases, often including ETH, which forms the basis of Web 3.0 economics.

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CroissantEth also stated that stablecoins make the Ethereum network functional, while highlighting the multi-billion dollar market limits of USDT, USDC and TUSD. Finally, the analyst further added that USDC has risen from a market cap of $4 billion to $25 billion this year.

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https://twitter. com/CroissantEth/status/1412574247298416640

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