Bitcoin

Cathie Wood, CEO of Ark Invest, might be in the line to face increased challenges ahead as <a href="https://news.todayq.com/cathie-wood-expects-sell-on-the-news-with-bitcoin-etf-approval/" rel="noopener noreferrer nofollow">ARK Innovation ETF</a> (NYSEARCA: ARKK) is trading lower than expected. This comes in when Wood backed Bitcoin over JPMorgan CEO Jamie Dimon’s dismissive comments on blockchain and digital assets. Cathie Wood’s ARKK fails to keep up 
According to reports, ARKK ETF faces challenges in 2024 as its top holdings, including Coinbase (COIN) and Tesla (TSLA), experience significant declines. COIN stock, the top holding, has retreated 28.3% in January, following a remarkable 391% surge last year.&nbsp;
Tesla stock has slumped 14.6% in 2024, with continued price cuts and weakening EV demand affecting its performance. Other major holdings like Roku (ROKU), Zoom Video (ZM), and UiPath (PATH) are also facing challenges, contributing to ARKK’s struggles.
Despite the difficulties, a few holdings, including PATH and Twilio, are approaching potential buy signals. The broader market, including the Dow Jones and S&amp;P 500, is hitting record highs, emphasizing the specific challenges faced by ARKK.
Coinbase stock’s decline is linked to sell-the-news selling in bitcoin after the SEC’s approval of spot bitcoin ETFs. Tesla’s challenges include ongoing price cuts and concerns about EV demand, with investors eagerly awaiting guidance on 2024, especially regarding margins.
Zoom Video stock is down 4%, and while it has shown a cup-with-handle base, its current levels are far from the October 2020 Covid peak. UiPath stock, down 10.5% in 2024, has reclaimed its 50-day line, potentially setting the stage for a new base. Buy back coming in? 
In a recent development, ARK Invest purchased $15.9 million worth of shares in its ARK 21Shares Bitcoin ETF (ARKB), adding them to its Next Generation Internet ETF (ARKW). The move follows ARK’s sale of $15.8 million worth of shares in the ProShares Bitcoin Strategy ETF (BITO).&nbsp;
This strategic shift highlights ARK’s anticipation of the approval of spot bitcoin ETFs and its commitment to navigating the evolving landscape of cryptocurrency investments.
As reported, Cathie Wood took on JPMorgan CEO as Dimon referred to Bitcoin as a “pet rock.” Wood’s Director of Digital Assets, Yassine Elmandjra, went on to counter Dimon’s stance with compelling data.&nbsp;
Elmandjra highlighted Bitcoin’s record-breaking hash rate of 500 exahashes per second, emphasizing its computational superiority over the world’s most powerful supercomputer.
However, Bitcoin price on Monday slid below the crucial $41k price level. BTC price has dropped by 4% over the last 7 days. Bitcoin is trading at an average price of $40,599, at the press time.
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Cathie Wood’s ARKK struggles as top holdings Coinbase, Tesla fall back

Todayq News

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