⇑ ARK Invest's Cryptocurrency Moves: Betting Big on BTC, Offloading Coinbase shares and Investing in Competing Firms

ARK Invest, led by Cathie Wood, has been actively participating in Bitcoin's foreseeable recovery, further placing big bets on BTC. As Bitcoin's price witnesses a drop below the key $62k level, ARK has sold off more of its Coinbase shares, which led Coinbase stock to a dip. In the middle of this, ARK Labs has also launched to develop a new Bitcoin Layer 2 payments network, a potential competitor to the Lightning Network.

Despite what appears to be a bearish turn for Coinbase, Cathie Wood remains positive about Bitcoin, predicting its adoption by major banking institutions and encouraging its regard as a ‘financial super highway’. Her forecasts place BTC's value at an ambitious $1.5 million target in the long run.

Furthermore, while actively shedding Coinbase and Robinhood shares, ARK Invest also made considerable invests into non-crypto companies like Elon Musk's AI venture and Palantir amid bitcoin dips and bought stock in promising Netflix competitor companies. Wood has also been seen selling Tesla shares amidst bearish turns for TSLA stocks.

Additionally, Ark Coin aims to increase the transparency of its Bitcoin ETF ARK 21Shares Bitcoin through the integration of Chainlink proof of reserve. ARK also anticipates Bitcoin's price to explode due to prognostications about a supply squeeze. Regardless of these moves, ARK has decided to end its partnership with 21Shares on Ether ETF.

ARK Coin News Analytics from Tue, 24 Oct 2023 07:00:00 GMT to Tue, 16 Jul 2024 17:19:26 GMT - Rating 8 - Innovation 5 - Information 9 - Rumor 2