Marios Athinodorou
Independent Analyst
The popular father of crypto Bitcoin saw its value stable for now. Bitcoin went over the $54,000 important level and continued to climb above $55,000. Later the increasing momentum drove the popular coin to a new spike beyond the $55,500 mark before taking a break by creating a short downside correction. Bitcoin's value is currently exchanging close to $54,700. A possible positive momentum could drive the coin to a new extension over the $55,500 mark.
Additionally, many significant altcoins are growing as well with the same speed. XRP/USD for example extended its value versus the USD and broke the $1.45 resistance before dropping below $1.40. The other popular crypto ETH continued its positive momentum and went above $2,648 while its value was exchanged to a new all-time top close to $2,708.
Those new extensions were accompanied by the news covering the popular Asian registered gaming giant, Nexon, that stated it obtained 1,717 BTC for approximately $100m, while the company "needs to think seriously about the future buying power of our cash in a world of potential currency debasement."
The popular company was spending on average $58,220 per BTC, including charges and costs, and did not reveal the platform they used for this investment.
Nexon is a member of a business group that further includes the crypto exchanges Bitstamp and Korbit.
This new Bitcoin investment expresses less than 2% of Nexon’s entire cash and cash equivalents on hand they explained.
Nexon announced that they hold more than $5 billion in cash and cash equivalents, fundamentally in the structure of JPY, USD, and more.
The new Nexon investment may be considered as a positive development for the general crypto fanatics sentiment. that positive sentiment may drive other smaller investors to follow.
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