empty
 
 
16.04.2021 07:46 AM
Cathie Wood's Ark Invest buys Coinbase shares!

This image is no longer relevant

Slowly but surely, Bitcoin continues to grow. The ascending channel continues to contain the bitcoin quotes, and investors have not yet had a burning desire to start selling coins of the number one cryptocurrency in the world. Recently, there has been some positive news in the cryptocurrency sector that could help bitcoin rise more. There were reports of large purchases of bitcoin by Liberty Mutual, Starr Insurance, and Millennium, and these purchases would be enough for bitcoin to continue its growth. According to experts, out of 19 million mined coins, about 14 are dead weight on their wallets and are not turning around in any way. Thus, there is a maximum of only 5 million coins in circulation, and any transaction for 10,000 BTC or more can lead to a change in the exchange rate by 1-2%. In addition, just a few days ago, the listing of shares of the Coinbase cryptocurrency exchange began on NASDAQ, which also had a positive impact on all cryptocurrencies.

It is noteworthy that Coinbase shares immediately began to be bought up by large investment funds, one of which is the well-known Ark Invest, which is managed by one of the most famous investors in the world, Cathie Wood. In the States, they say that everything that Cathie Wood touches becomes more expensive. Therefore, as soon as the news about the Ark Invest investment appeared in the media, the value of Coinbase shares rose even more. All this says only one thing. Bitcoin and cryptocurrencies continue to gain popularity in general as a segment. Ordinary people and investors are increasingly accepting bitcoin and other tokens into their lives, learning how to handle them, and trying to understand their true nature. By and large, the popularity of bitcoin is only growing with each such news.

There has been no negative background for bitcoin recently. News about a possible ban on cryptocurrencies in India is a thing of the past. The crypto community pays more attention to the positive background. Moreover, there is a clear ascending channel now, in which the quotes are located. Thus, it will be very easy and simple to identify a possible drop in the cryptocurrency.

This image is no longer relevant

In technical terms, the overall picture remains the same. The upward trend continues and now bitcoin has another benchmark in the form of an ascending channel, and there are also two targets – the nearest resistance level of $65,400 and the next psychological level of $70,000 per coin. As well as three supports: $44,600, $52,300, and $56,000. The consolidation of quotes below the channel will be a signal for the beginning of a strong correction.

Paolo Greco,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback