Cryptocurrency Whale Praising Bitcoin Sold It! – Cryptocurrency News | Coins Booster
Cryptocurrency Whale Praising Bitcoin Sold It! – Cryptocurrency News | Coins Booster
Cathie Wood, one of the famous cryptocurrency whales, praised Bitcoin (BTC) in her latest statements. On the other hand, she announced that she made sales for some assets in her portfolio. Here are the details… Cryptocurrency whale: Banking crisis will attract more institutional investors to Bitcoin After the collapse of Silvergate, Silicon Valley Bank and Signature banks, positive emotions flooded Bitcoin. Cathie Wood, CEO of ARK Invest, believes that Bitcoin’s value proposition is on full display amid the current banking crisis. He states that this is a development that will only “attract more institutions” to the BTC market over time. Wood shared his thoughts on the recent price rise of BTC in an interview with Bloomberg, adding that “it was quite instructive for Bitcoin to move in a very different way, especially from the equity markets.” Since the banking crisis, the value of BTC has increased by over 40 percent. As for the impact of institutional interest on Bitcoin price, Wood said in the interview that ARK Invest’s $1-1.5 million BTC price prediction by 2030 is based on institutional investor analysis, which estimates that most firms will allocate between 5 and 6.5 percent to BTC in their investment portfolios. explained. “These are the kinds of appropriations they would make to new asset categories that emerged like real estate in the ’70s and small capitals in the ’80s and ’90s,” Wood added. On the other hand, institutional interest in Bitcoin may already have arrived, according to Oliver Linch, CEO of Seattle-based crypto exchange Bittrex. In an interview on The Wolf Of All Streets podcast March 21, Linch stated that many major banks were buying cryptocurrencies as an investment product long before the recent banking crisis. Linch believes that “aggressive” corporate adoption will come as opportunities become more easily identifiable. ARK Invest sells $13.5 million worth of Coinbase shares Meanwhile, ARK Invest, owned by Cathie Wood, sold 160,887 shares of crypto exchange Coinbase (COIN) worth $13.5 million on Tuesday. During the crypto winter, ARK bought stocks of Coinbase heavily. Throughout 2022, COIN underperformed both Bitcoin and Ethereum, and its shares fell 86 percent over the year. ARK’s most recent COIN acquisition took place in early March when the company bought more than 350,000 shares of Coinbase, including 301,437 shares for the ARK Innovation ETF (ARKK) and 52,525 shares for the Next Generation Internet ETF (ARKK). . At that time, the COIN price was trading at $22. Since the start of the year, COIN has risen nearly 150 percent and closed Tuesday trading day in the US at $83.99. The stock is still down 54 percent from last calendar year. cryptocoin.com As we reported, COIN was listed on the Nasdaq at $342 in April 2021 and came very close to breaking above the list price at the peak of the bull market in November 2021. On the other hand, recently, ARK announced that it has raised $16 million for a new private crypto fund.
