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In summary
- ARK Invest sold $3.9 million in Coinbase shares as the crypto market suffered a decline from recent highs.
- Cathie Wood’s firm still owns 2.45 million COIN shares, valued at $672 million.
- Bitcoin fell to $97,430 following comments from the Fed and setbacks in technology stocks.
Cathie Wood’s asset technology-focused investment firm, ARK Invest, has sold nearly $4 million in shares of Coinbase (NASDAQ: COIN)—one of the largest Cryptocurrency-related stocks—as Bitcoin and the rest of the cryptocurrency market suffer a decline after a period of massive gains.
ARK’s Ark Fintech Innovation ETF (ARKF) sold 13,780 shares of COIN worth $3.9 million.
COIN is now priced at $274 per share—after a 2% drop on the day. In five days, it has fallen 13%.
Wood’s investment firm is one of the largest investors in Coinbase, the largest US cryptocurrency exchange that went public in 2021. ARK Invest is heavily involved in technology stocks and companies related to the artificial intelligence and technology space. cryptocurrencies. The firm still owns more than 2.45 million shares in COIN, valued at $672 million.
This is not the first time ARK has sold COIN shares as it rebalanced its portfolio, sometimes making major sales, such as dumping nearly $52 million in a single transaction in March.
Bitcoin hit a new all-time high on Tuesday of $108,135, according to CoinGecko, rising by double digits over a seven-day period.
But then Federal Reserve Chair Jerome Powell gave a speech Wednesday that was more hawkish than expected, revealing that the central bank would not cut very aggressively in 2025 after its recent interest rate cuts.
The price of Bitcoin and other major digital currencies and tokens fell sharply on the news, along with US stocks. And the decline accelerated further on Thursday.
The price of Bitcoin currently sits at $97,430, having fallen almost 4% in the last day. The largest digital asset by market capitalization was rising, along with tech stocks, this year, especially after the election of Donald Trump on November 5.
The former president, who will have another chance to lead the US in January and has promised to reduce regulation and help the digital asset industry. He has already appointed Silicon Valley tech visionaries to help lead his administration.
Edited by Andrew Hayward
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