Crypto 24X7 News Hubb
Advertisement
  • Home
  • Crypto Currency
  • Bitcoin
  • Ethereum
  • Crypto Mining
  • Contact us
No Result
View All Result
  • Home
  • Crypto Currency
  • Bitcoin
  • Ethereum
  • Crypto Mining
  • Contact us
No Result
View All Result
Crypto 24X7 News Hubb
No Result
View All Result
Home Crypto Currency

Cathie Wood’s Ark Invest Buys $9.2M Worth of Coinbase’s COIN Amid Price Drops

admin by admin
February 14, 2023
in Crypto Currency



Cathie Wood, Founder and CEO of Ark Invest, continues to be bullish on Coinbase, whose share price is down by nearly 85% from its all-time high of $348.98 on November 12, 2021.  

Making the third investment in two months and fourth since November, Ark Invest acquired $9.2 million worth of COIN shares on Friday, media reports asserted.  

A Bloomberg report from three months ago said Ark Invest made $56 million worth of Coinbase shares in November 2022 alone.

Ark Invest’s COIN Purchases  

In the latest round, the investment firm bought 162,325 COIN shares. In the previous two, on January 5 and January 12, the company accumulated Coinbase shares worth $5.8 million and $3.3 million, respectively. In December, it purchased $11.9 million worth of COIN. 

On January 5, the day Ark Invest made its first major purchase of COIN shares this year, the stock closed the day 11% down at $33.53, while the next day, January 6, it hit an all-time low of $31.95, hinting Ark Invest’s timing could not have been better than this. The January 12 purchase of COIN shares was made at $43.79 per share, and it came at a time when all major crypto assets led by BTC were on a recovery path.  

Early this month, ARK Invest made a 2030 BTC price prediction, which pegged the legacy asset at $258,500, $682,800, and $1.48 million for the bear market, base rate, and bull market scenarios. 

Kraken Fears Pull Down COIN 

After rising to $81 on February 2, nearly 95% in a month, Coinbase shares are once again on a downward spiral, particularly following the SEC crackdown on Kraken for offering “unregistered securities” in the form of staking services. 

Coinbase is a major player in staking services, and over the past week, its CEO, Brain Armstrong, and other executives have been at pains stressing that the products are not securities. Marking a 14.13% fall, COIN closed Thursday, the day Kraken announced shutting down of its staking services for US investors, at $59.63 after starting at $68.51%. It closed the week roughly 22% down. 

Downturn Impacts on Coinbase 

Hit by the market downturn, Coinbase reduced its headcount by over 2,000 since June 2022. The first round of layoffs came in June when 18% or 1,100 employees were fired, while on January 10, 20% or 950 employees were dismissed. 

On January 26, De Nederlandsche Bank (DNB), the central bank of the Netherlands, reportedly fined Coinbase $3.6 million for failing to register its services in the country between November 2020 and August 2022. 

Priced at $250, Coinbase’s shares were listed on Nasdaq on April 14, 2021. Making a gain of over 31%, COIN closed the inaugural day at over $328. Right now, the stocks are trading nearly 85% below their all time high of $348.98.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.





Source link

Previous Post

CFTC and SEC cases against SBF deferred until after criminal trial

Next Post

Bitcoin hits record 44M non-zero addresses, thanks to Ordinals: Glassnode

Next Post

Bitcoin hits record 44M non-zero addresses, thanks to Ordinals: Glassnode

Recommended

Confirmation of Silvergate’s $8 Billion Deposit Plunge Sees Stock Price Drop by More Than 40% – Finance Bitcoin News

January 6, 2023

Renaming The Smallest Units Of Bitcoin – Bitcoin Magazine

November 28, 2022

Don't miss it

Crypto Mining

New Texas Resolution Aims to Protect Bitcoin Mining

March 22, 2023
Crypto Currency

Wasabi Wallet Releases Version 2.0.3, Adding Back Coin Control Amongst Other Updates

March 22, 2023
Ethereum

Bitcoin’s banking crisis surge will ‘attract more institutions’: ARK’s Cathie Wood

March 22, 2023
Crypto Currency

Core Scientific to Send $20M Worth of Mining Equipment to Settle Payment Dispute

March 22, 2023
Crypto Currency

‘Operation Choke Point 2.0’ may have contributed to SVB collapse: Mulvaney

March 22, 2023
Bitcoin

Yellen Says US Could Back All Deposits at Smaller Banks if Needed to Prevent Contagion – Finance Bitcoin News

March 22, 2023

© 2022 Crypto 24X7 News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Crypto Currency
  • Bitcoin
  • Ethereum
  • Crypto Mining
  • Contact us

Newsletter Sign Up

No Result
View All Result
  • Home
  • Crypto Currency
  • Bitcoin
  • Ethereum
  • Crypto Mining
  • Contact us

© 2022 Crypto 24X7 News Hubb All rights reserved.