COIN

Bitcoin

Notable

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ark-invest-buys-coinbase-shares-as-bitcoin-dips-below-50000/" data-wpel-link="internal">ARK Invest Buys Coinbase Shares as Bitcoin Dips Below $50,000</a> 
Cathie Wood’s investment firm ARK Invest started buying Coinbase (COIN) shares amid a major market sell-off as Bitcoin briefly fell below $50,000. On August 5, ARK continued to purchase 28,632 Coinbase shares after holding off since 2024. 
<h2 class="p1" id="notable-move-by-ark-invest">Notable Move by ARK Invest</h2> 
TradingView <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data shows</a> the purchase cost $5.4 million, with COIN closing at $189.5 on August 6. ARK’s return to buying Coinbase shares occurred amid significant declines in the crypto markets triggered by high volatility in traditional stock markets. 
On August 5, Bitcoin fell below $50,000 for the first time since February 2024, briefly touching $49,800, according to CoinGecko data. The price drop erased most of Bitcoin’s recent gains, falling over 20% from around $63,000 on August 1 to about $55,000 before recovering. At the time of writing, Bitcoin was trading at $55,661, up about 6% in the last 24 hours but still down 16% over the past week. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-377343 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/btc-2.webp" alt="" width="840" height="537"> 
<h2 class="p1" id="details-on-the-matter">Details on the Matter</h2> 
As previously mentioned, Coinbase shares reflected Bitcoin’s price, while COIN mirrored the state of the <a href="https://en.coin-turk.com/leon-li-recovers-blocked-deposits-from-ftx/" data-wpel-link="internal">crypto market</a>. According to TradingView data, Bitcoin added about 93% to its value over the last 12 months, while Coinbase shares rose over 110%. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-377342 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/coin-1.webp" alt="" width="1547" height="604"> 
In parallel with Bitcoin’s decline, Coinbase shares fell 20.7% on August 5, dropping to $173 per share. TradingView data shows that after a subsequent recovery, Coinbase shares closed down about 7% on Monday at $189.5. This development could indicate a potential recovery in COIN shares. 
The downturn in the crypto market continues to affect Bitcoin and Bitcoin-focused investment vehicles. During this period, publicly traded exchanges and mining companies reported notable gains, while <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">share prices</a> continued to suffer Bitcoin-focused losses. This process shows a direct correlation with Bitcoin’s price. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/ark-invest-buys-coinbase-shares-as-bitcoin-dips-below-50000/" data-wpel-link="internal">ARK Invest Buys Coinbase Shares as Bitcoin Dips Below $50,000</a></h5>
The post <a href="https://en.coin-turk.com/ark-invest-buys-coinbase-shares-as-bitcoin-dips-below-50000/" data-wpel-link="internal">ARK Invest Buys Coinbase Shares as Bitcoin Dips Below $50,000</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

ARK Invest Buys Coinbase Shares as Bitcoin Dips Below $50,000

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