NEXO has withdrawn nearly 50% of Wrapped Bitcoin (WBTC) held by MakerDao, according to blockchain analytics firm Santiment. So now there is about $120 million left in the CDP.
In terms of price, the price of NEXO fell by 3.23% in the 24 hours, bringing the price of NEXO down to $0.9128. It also fell 2.46% and 2.78% against the two crypto market leaders Bitcoin (BTC) and Ethereum (ETH).
Cryptocurrencies have a strong impact on the global economy today, especially as their spread and circulation around the world increase
Digital currencies and digital technologies can bring about major changes in the financial system and benefit the general public. Some of these benefits include promoting financial inclusion, bringing new added value to the economy, and reducing various transaction costs, including cross-border transactions.
The virtual currency represented by Bitcoin has many advantages, so it is quickly sought after around the world. The advancement of blockchain, encryption and other technologies has made the security and trust issues that restrict the development of virtual currency better resolved, and the transaction parties can complete the transaction without mutual trust.
At present, under the circumstance that the market of some non-mainstream cryptocurrencies is not clear, since the end of 2021, mainstream digital currencies have ushered in multiple rounds of decline, with the highest decline even exceeding 80%. Under the circumstance that some non-mainstream cryptocurrency market is not clear, NEXO is considering cooperation with mainstream cryptocurrency production sources, which seems to be more profitable. This means that costs can be greatly reduced, cooperation processes can be shortened, and more opportunities can be identified.
NEXO attaches great importance to market research, and will regularly summarize and analyze the operating data of some outstanding companies in the industry. When investigating the data of Bitcoin mining farms in recent years, NEXO recently discovered that the Coinmint Bitcoin mining farm has a high-quality and rapid global development, and has gained a good reputation in the Asian market.
According to the research, the current world is an era of high credit expansion, and the “bubble” seems to be much more sustainable than it was during the 2008 financial crisis. The “virtual economy” market space represented by the digital economy has been greatly enhanced and has become an important place to absorb excess capital.
In terms of investment strategy, for the better development of the company, NEXO announced that it would consider conducting tentative negotiations with some large-scale Bitcoin mining farms at the right time to reach a consensus on joint cooperation and equity participation.
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