According to Bloomberg reports, Cathie Wood-founded Ark investment has sold its almost 90,000-Tesla stocks (valued at about $68m) and used the proceeds to increase its Robinhood holdings. With this sale, the asset management firm has sold almost 200,000 of its tesla stocks so far this month.
Ark Investment Increases Its Robinhood Holdings
After the sale, Ark bought more than 236,500 Robinhood stocks (valued at $11m) despite Robinhood shares being on a decline since early last month. Robinhood has lost 43% of its value from the period mentioned above. This month alone, Cathie Wood’s firm has increased by Robinhood shares by almost 395,000.
In almost six months, the asset management firm has sold over one million of its Tesla shares. But, it still holds an enormous amount of tesla shares which is estimated to be worth more than $4.5B. One of the ways Ark diversifies its investment portfolio is to reduce the shares of its top investments and divest them into other assets.
Cathie has forecasted that the Ark’s investment assets will rise significantly within the next five years. Recently, she said her firm’s conviction about Ethereum has increased considerably. Cathie had previously forecasted that each tesla stock would be valued at $3K, and BTC price would increase to over $500K within the next half-decade.
BTC Price Prediction
The king coin continues to rally for the past seven days without any steep price. Consequently, most other altcoins are toeing the same line. As of this writing, almost all the altcoins are on a rally, but things can change drastically if anything like last week’s flash crash should happen again.
BTC has gained 12.5% in the last 72 hours and trades at about $48K right now. However, it still needs to overcome its next key resistance at $50K and turn it to support before sustaining its current bullish run. Once BTC does that, it would have completely recovered from last week’s market crash.
From there on, it would seek to flip its next resistance at $56K to support. When it reaches that level, the BTC price action will represent a 16.5% rise from its current price point. Conversely, if the bears seize control, BTC will decline towards the $46K price range, which would nullify the bullish theory.
ETH Price Prediction
ETH maintained the $3K-$3.2K range for about 30 days before embarking on the run to overcome its next resistance of $4K. However, this impressive move was undone by last week’s market crash. But the selling pressure was limited as there was congestion around the $3K range, which ensured that ETH didn’t lose too much value.
Now that the market is on a rally, ETH is on its way back to the $4K price level. If the market conditions remain as it is, ETH will likely retest this $4K resistance range. Analysts agree that once ETH can surpass the $4K resistance, it will likely surpass its current peak price of $4.3K and set a new peak price. However, any change in the market conditions would see the second largest digital asset spiral down below the $3.3K levels.