Bitcoin
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Ark Invest Cathy Wood buys Grayscale Bitcoin Trust (GBTC) and Coinbase (COIN) shares as the market falls.
The global cryptocurrency market is under increased selling pressure due to the recent FTX crash. Bitcoin, the world’s largest cryptocurrency price, has fallen 65% YTD (YTD).
However, Kathy Wood, founder of Ark Invest, remains bullish on bitcoin’s price prediction amid the constant crash.
Ark Investment Management Cathy Wood has bought another 176,945 shares worth about $1.4 million in the Grayscale Bitcoin Trust (GBTC) as the cryptocurrency market hit a two-year low.
The purchase comes after the investment fund bought nearly 315,000 GBTC shares last week for a total of $2.8 million.
Bitcoin Price Will Hit $1 Million?
In an interview with Bloomberg Markets, Kathy Wood clarified her point of view on the Bitcoin price prediction. Wood has stated that she is going to stick to her Bitcoin forecast of $1 million per coin by 2030.
Cathy Wood mentioned that sometimes the market needs to be battle tested and crunched to see what’s real. However, it is important to see the survivor in the aftermath. It is important to check the market infrastructure.
She stressed that bitcoin managed to get out of this struggle. Meanwhile, Wood believes that one thing that could delay this is the retreat of institutional investors.
Institutional investors are still distancing themselves from the market, and should analyze what happened here in order to feel more comfortable. They can then consider Bitcoin and Ethereum as investments.
Will the cryptocurrency market recover?
Kathy Wood also stressed that she still has confidence in the crypto market despite the FTX crash. However, she called FTX a fraud, but not in the same way as Lehman brothers or Bernie Madoff. She expects crypto to keep moving forward.
Ark currently owns nearly 6.357 million shares of GBTC worth $53 million, representing 0.4% of the firm’s total investment.
Ark also added 1.3 million Coinbase shares, bringing its total stake to 8.374 million, an all-time high.
COIN shares are now ranked 12th in the ARK.
The price of bitcoin has increased by more than 5% in the last 24 hours. BTC is trading at an average price of $16,525 at press time. Its 24-hour trading volume is currently $33.1 billion.
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