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By Reuters Staff 2 Min Read TOKYO, June 29 (Reuters) - Japanese shares slumped on Tuesday, with weaker cyclical stocks outweighing gains in technology names, as outbreaks of the highly contagious COVID-19 variant Delta raised concerns about a recovery in the global economy. The Nikkei share average fell 0.94% to 28,774.35 by 0208 GMT, while the broader Topix lost 0.90% to 1,948,03. “Investors are selling Japanese cyclical shares after losses in the Dow and European stocks. Since Japan does not have stocks that are equivalent to GAFA shares, the market is not taking advantage of the Nasdaq’s robust finish overnight,” said Soichiro Matsumoto, chief investment officer Japan at Credit Suisse Private Banking. ....
Bitcoin bounces back to $58k level, and Ethereum breaks $3K The deleveraging that took place in the early hours of last Monday helped Bitcoin to bounce back nearly 20% this past week to get to as high a $58,498 before falling back to the $57K level. Meanwhile, according to data by CryptoCompare, Ethereum had an even better week, setting a new all-time high of $2,954, and closing April in the green to make it seven consecutive monthly green candles for the world’s second-most valuable cryptocurrency. So, let’s look at the main highlights of last week… On Monday (April 26), Coindesk reported that, according to its sources, JPMorgan Chase is planning to offer an actively managed Bitcoin fund to clients of its private wealth management service, with the fund expected to launch as soon as this summer. ....
Japanese Gaming Giant Nexon Puts $100M Worth Bitcoin On Balance Sheet NEXON Co Ltd (TYO:3659), one of Asia’s largest gaming companies, announced the purchase of $100 million worth of Bitcoin using the companies cash reserves. What Happened: According to a press release, Nexon bought a total of 1,717 bitcoins at an average purchase price of $58,226 per Bitcoin, including fees and expenses. The purchase is said to represent less than 2% of Nexon’s total cash and cash equivalents. “Our purchase of bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets,” said Owen Mahoney, President and CEO of Nexon. ....