In the wake of Bitcoin’s price surge past $35,000, an unexpected market maneuver came from Ark Invest.

The firm, under the helm of founder Cathie Wood, known for her bullish stance on Bitcoin, took the market by surprise. Ark Invest offloaded a chunk of its crypto stock holdings, including stakes in Coinbase and Grayscale Bitcoin Trust (GBTC).

Ark Invest Offloads COIN and GBTC Shares

The past week saw Bitcoin revive its bullish trend, hitting a new yearly high of $35,160. This upward momentum has not been witnessed since the downturn triggered by the collapse of Terra and FTX.

The resurgence brought along a positive wind that swept across the crypto market, boosting the prices of crypto-centric stocks.

For instance, Coinbase and Grayscale Bitcoin Trust are among the beneficiaries, witnessing a substantial uptick in their share prices. COIN soared by 16% to around $89, and GBTC saw a 10% uptick in its shares, reaching $27.

Read more: Coinbase Review 2023: The Best Crypto Exchange for Beginners?

However, going against the grain, Go to Source to See Full Article
Author: Bary Rahma

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