Cathie Wood’s ARK resumes Coinbase buying as BTC drops below $50K
Cathie Wood’s investment firm ARK Invest is back to buying the Coinbase stock amid a major market sell-off, with Bitcoin briefly dropping below $50,000.
On Aug. 5, ARK purchased 28,632 Coinbase shares, resuming buying after a long period of dumping the stock in 2024.
The purchase cost $5.4 million, with Coinbase stock closing at $189.50 on Aug. 6, according to data from TradingView.
ARK bags Coinbase shares as Bitcoin tumbles 20%
ARK’s return to buying Coinbase came amid a significant decline in cryptocurrency markets, triggered by massive volatility across traditional equity markets.
On Aug. 5, Bitcoin ( BTC ) plummeted below $50,000 for the first time since February 2024, briefly dropping to as low as $49,800, according to data from CoinGecko. The price drop erased much of Bitcoin’s gains over the past few months, as BTC tumbled more than 20% from around $63,000 on Aug. 1 before recovering to around $55,000.
At the time of writing, Bitcoin traded at $55,661, up around 6% over the past 24 hours but still down 16% over the past seven days, according to CoinGecko.
As previously mentioned, the Coinbase stock dipped alongside the Bitcoin price , with Coinbase reflecting the state of the cryptocurrency market. Over the past 12 months, Bitcoin added around 93% to its value, while Coinbase surged more than 110%, according to TradingView data.
In line with Bitcoin’s plunge, Coinbase shares tumbled 20.7% on Aug. 5, dropping to as low as $173 per stock. Following a subsequent recovery, the Coinbase stock closed at $189.5 on Monday, down around 7%, TradingView data showed.
This is a developing story, and further information will be added as it becomes available.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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