Cathie Wood Sheds Coinbase Shares, Bitcoin Faces Downturn, And Shiba Inu Sees Supply Shrinkage: Top Crypto Updates This Week
Portfolio Pulse from Benzinga Neuro
Cathie Wood's Ark Invest sold 82,255 shares of Coinbase Global Inc (NASDAQ:COIN) through its ETFs ARKK, ARKW, and ARKF, amidst a crypto market downturn. Bitcoin is predicted to face a downturn, potentially dropping to $38,000. BONK, a Dogecoin rival, saw a 75% price increase and a 140% surge in trading volume. Shiba Inu's supply on exchanges decreased by 0.51%, indicating potential for price gains. Crypto analyst Ali Martinez predicts a bullish breakout for Shiba Inu, with a key resistance at $0.000011.
December 17, 2023 | 11:34 am
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NEGATIVE IMPACT
ARKF, another Ark Invest ETF, sold Coinbase shares, potentially impacting its performance as the crypto market shows signs of a slowdown.
The sale of Coinbase shares by ARKF may lead to a negative perception of the ETF's prospects in the short term, especially in the context of a crypto market downturn.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
ARKK, an ETF managed by Ark Invest, sold shares of Coinbase, which may reflect on the ETF's performance if the crypto market continues to decline.
As ARKK includes Coinbase in its portfolio, the sale of COIN shares could negatively affect the ETF's performance, especially if the crypto market downturn persists.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
ARKW, part of Ark Invest's ETFs, divested from Coinbase, which could influence the fund's short-term performance amid market uncertainty.
ARKW's divestment from Coinbase could be a defensive move against the crypto market's volatility, which may affect the ETF's short-term value.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Ark Invest sold 82,255 shares of Coinbase, indicating a lack of confidence in the short term due to a crypto market downturn.
The sale of a significant number of Coinbase shares by a prominent investment firm like Ark Invest could signal to investors a bearish outlook on the company, potentially leading to a short-term decrease in stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90