Bitcoin Bounces Back and ARK’s ETF Sees Outflows
Bitcoin is holding steady at $65,000, with ARK’s Bitcoin ETF experiencing $87 million worth of outflows recently.
Bitcoin, Ether, and Solana Prices Surge
- Bitcoin rose by 1.5% to $65,000, while Ether jumped by 2.7% to $3,330, and Solana surged by 6.5% to $189 by noon Eastern time.
Cathy Wood Discusses Bitcoin Performance
- Cathy Wood emphasized the correlation of Bitcoin with US Fed policy, noting that investors are turning to Bitcoin due to devaluation of their local currencies.
- She mentioned specific devaluations in currencies like the Nigerian Nara, down by 50-60% in the last 9 months, Egypt devaluing by 40%, and Argentina continuing to devalue.
Bitcoin ETF and Coinbase Updates
- ARK’s Bitcoin ETF saw outflows of over $87 million, surpassing the Grayscale Bitcoin Trust.
- KBW raised Coinbase’s price target to $230 from $160 due to surging volume in Q1 and growing USDC balances.
Caitlyn Long on Custodia’s Lawsuit Dismissal
- Caitlyn Long, CEO of Custodia Bank, discusses the bank’s next steps after the dismissal of its lawsuit against the FED.
- The ruling revolves around Custodia’s denial of a master account, impacting Bitcoin custodial business and US dollar banking.
Hot Take: The Future of Bitcoin and Crypto
The crypto market is poised for significant growth and volatility, driven by factors like ETF demand and upcoming events like the Bitcoin halving. Despite regulatory challenges and market risks, the outlook remains optimistic for crypto enthusiasts.
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