📰 Table Of Contents
Ark Invest’s Recent Coinbase Sell-Off
Ark Invest, under the leadership of CEO Cathie Wood, recently sold off an estimated 106,000 Coinbase shares valued at over $27 million. This move is part of a series of sell-offs by the investment firm and includes shares from its ARK Innovation ETF (ARKK), ARK Fintech Innovation ETF (ARKF), and ARK Next Generation Internet ETF (ARKW).
Bitcoin Hits All-Time High Amidst Latest Rally
Simultaneously, the cryptocurrency market witnessed a surge in Bitcoin’s value, surpassing $73,000 and reaching an all-time high. This surge follows a previous rally in January 2024, triggered by the United States Securities and Exchange Commission’s approval of nearly a dozen spot Bitcoin ETF applicants.
Cathie Wood’s Bullish Predictions on Bitcoin
Cathie Wood has expressed optimistic views on Bitcoin, foreseeing its potential to reach over $1.5 million by 2030. She emphasized the significance of the SEC’s approval and its impact on accelerating the timeline for Bitcoin’s growth.
Traditional Banks and SEC’s Spot BTC Approval
Following the SEC’s approval, traditional banks are exploring opportunities in the cryptocurrency space. However, the SEC’s accounting bulletin, SAB 121, has raised concerns among industry experts. FDIC Vice Chairman Travis Hill criticized the bulletin for its impact on how banks account for custodied digital assets, potentially hindering their involvement in the digital asset ecosystem.
A bill aimed at overturning SAB 121 has been passed by the House Financial Services Committee and is awaiting a vote on the House floor.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
