Other cryptocurrencies also rose on Friday as sentiment improved across markets following strong earnings from tech companies. This is a bullish trend, but not as bullish as Cathie Wood’s ARK Investment Management’s call for a new price for Bitcoin. It provides the basis for Bitcoin to reach the stratosphere.
Bitcoin price rose 2.5% in the past 24 hours to $43,150, staying near a two-week high and above the psychologically important $40,000 level. But the largest digital asset has fallen from its recent peak of over $48,000, the highest since early 2022, reached last month amid a trading frenzy over US spot Bitcoin exchange-traded fund (EFT) approval. is still far away.
“Bitcoin is clearly entering a consolidation phase after going through the ups and downs with these newly launched ETFs,” said Philip Shoemaker, executive director of blockchain group Identity.com. “Looking at the inflows, these Bitcoin ETFs are clearly attracting a lot of interest. In the long term, this will be a bullish setup for Bitcoin, and as a result, there will be a lot of passive interest in these ETFs. We expect the funds invested in this to help cushion some of the volatility.”
Cryptocurrencies also rose this week.
Dow Jones Industrial Average
Stock markets also rose as risk sentiment improved. Investors are bullish after strong quarterly results from tech companies and remain confident that interest rates will be significantly lower this year.
Bitcoin also received a bold new price call this week from ARK Investment Management, a group run by Bitcoin enthusiast and perennial tech bull Cathie Wood.
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Analysis by ARK examines various assets such as Bitcoin, gold, and stocks in terms of their risk-adjusted returns over the past five years, with the aim of allocating capital to maximize risk-adjusted returns. did. ARK found that the optimal portfolio allocation is 19.4% Bitcoin. Crunching the numbers in a scenario where the $250 trillion global investable asset base is rebalanced along these lines is massive to say the least, but the hypothetical impact of such an allocation would make Bitcoin ARK predicted the price would be pushed to $2.3 million. It’s bullish now.
The second-largest cryptocurrency rose 2.5% to $2,320. Smaller tokens and altcoins also rose.
4% pop. Meme coins were quieter.
2% increase each.
Email Jack Denton at firstname.lastname@example.org.