Cathie Wood’s ARK resumes Coinbase buying as BTC drops below $50K
ARK Invest is back to buying the Coinbase stock after a long selling period. On Aug. 5, ARK bagged 28,632 COIN shares for $5.4 million.
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ARK Invest is back to buying the Coinbase stock after a long selling period. On Aug. 5, ARK bagged 28,632 COIN shares for $5.4 million.
Crypto traders appear to agree that today’s market rout is far from over.
Other hedge funds are also reporting sizable positions in Bitcoin exchange-traded funds.
Galaxy’s head of research expects the funds to see inflows as investors buy the dip.
Introduced in May 2023, the Robinhood 24-hour market service allows customers to invest on their own schedule.
Bitcoin could experience another two months of downside pressure before a bullish chart pattern could lead to a breakout.
As Bitcoin dropped below $50,000, analysts expect more outflows that would potentially drive prices down to $42,000.
Despite the gloomy outlook, Bitcoin could prevent more downside pressure if it manages to remain above the $51,000 mark.
Bitcoin dominance has notched a new yearly high amid a brutal Ethereum-led sell-off.
A sudden crypto market nosedive has seen over $600 million in leveraged long positions wiped out, as Bitcoin, Ether and otther cryptocurrencies tumbled sharply.
