Following price dips of Coinbase and Tesla shares, Cathie Wood’s Ark Invest has taken the opportunity to purchase 158,116 shares and 22,514 shares of Coinbase and Tesla respectively.
On December 29, 158,116 shares of Coinbase (COIN) and 22,514 shares of Tesla (TSLA) were acquired by Cathie Wood’s asset management company Ark Invest.
While Ark Invest funds are still doing poorly in this bad market, Cathie Wood is still certain that things will improve. Cathie Wood is renowned for purchasing during price peaks to provide customers with higher profits.
In December, Ark Invest made 10 purchases totaling 628,164 shares of Coinbase and 13 transactions totaling 254,992 shares of Tesla. Cathie Wood is still optimistic about cryptocurrencies, particularly Bitcoin, and electric automobiles. Wood, the founder of Ark Invest, recently reaffirmed that the price of Bitcoin may reach $1 million by 2030.
The majority of the purchases have occurred in the last 10 days when shares of Tesla and Coinbase hit fresh lows. In a recent tweet, Cathie Wood said that cryptocurrency will usher in a new era of money.
“Good time for thought leaders to assess lessons learned from crypto crises and reassess the outlook for bitcoin, ether, and other crypto assets. SBF did not like bitcoin: because of its decentralization and transparency, he could not control it. The money revolution is underway!”
On Thursday, the share price of Coinbase (COIN) rose around 7% to settle at $34.78. The COIN price has dropped 86% this year as a result of the cryptocurrency bear market. On December 28, the share price fell to an all-time low of $31.83.
On Thursday, the share price of Tesla (TSLA) rose 8% to $121.82. On December 28, the price of Tesla’s stock fell to a 52-week low of $108.24.
The worldwide crypto market valuation is now $790.75 billion, having decreased by about 1% during the previous day. With the price of bitcoin presently trading at $16,481, the price breaches below the $16.5K support level. In the meanwhile, Ethereum has done the same and is now trading above the $1,170 support level.
