Meitu books $80M profit by selling BTC & ETH; before $100K mark
2024-12-05

Bitcoin, the oldest cryptocurrency in the world, has succeeded in establishing a new milestone reaching above $100,000, when writing it was trading at $102, 631 with a growth of 5. 98 percent. 
According to the data from CoinMarketCap, Bitcoin has traded the highest at $103,900 making it an all-time high. 
Many traders and publicly traded companies have booked huge profits by selling their holdings since the market changed its pace, following the historical victory of Donald Trump. In a recent development, a Chinese selfie application operator revealed that it had sold its digital assets holdings for $80 just before Bitcoin reached above $100k.
Meitu, a Chinese company registered in Hong Kong’s stock market, disclosed that it offloaded 31,000 units of Ethereum and 940 units of Bitcoin with booking gains of roughly $80 million.
According to the available information, the application has acquired the collective stake of Bitcoin and Ethereum worth $100 million between March and April 2021.
The filing further notes that Meitu began offloading its Bitcoin and Ethereum holdings last month and sold BTC and ETH valued at $180 million, now the company does not have any digital assets holdings.
As per finance experts, the move of the company has been followed by the recently changed momentum in the wider market especially in the prices of Bitcoin and Ethereum.Institutional investors book profits by selling BTC and ETH!
Over the past 120 days, it has been reported hundreds of times that whales and giant firms have made millions and billions by selling their crypto holdings. Bitcoin has outperformed reaching an appreciable height, and also became one of the most adopted crypto in the world. 
According to market experts, Bitcoin prices are further expected to grow at an appreciable pace, as Donald Trump is widely termed as a pro-crypto president. 
In a speech in July 2024, Trump promised the investors of digital assets especially Bitcoiners that he would help the digital to grow at a great pace by appointing a new chairman for the Securities and Exchange Commission, and the nation is expected to get a particular office for this after his appointment to the office. 
Bitcoin has continued to surpass its 20, 50, 10,0, and 200 days exponential moving average, on the other hand, its dominance continues to grow as of writing it was dominating over 55 percent of the wider market.Source: CoinMarketCap 
In the intraday time frame, ETH price has shown a major spike of 6 percent reaching $3,939, its volume has reached $65.72 billion growing 49 percent. 
The cryptocurrency market capitalization has reached $3.75 trillion surging over 5 percent. Altcoins has changed the outlook of the wider market opening path to soon touch the much-awaited milestone of $4 trillion market capitalization. 
The current capitalization of the market is comparatively greater than the GDP of some developing and underdeveloped countries. 