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To Marcus Sotiriou, Analyst At a Listed Digital Asset Broker global block .
Bitcoin broke above the $24,000 level again this morning and is now up 37% in eight weeks. It’s clear that his four rate hikes in the first place and the technical recession have factored into the risk-on assets. Because there was huge and sustained selling pressure in anticipation of events and news.
Giants such as BlackRock and Wells Fargo took a bullish stance on Bitcoin last week, with Wells Fargo saying cryptocurrencies have evolved into a viable portfolio option.
ARK Invest, a US investment management firm with $50 billion in assets under management, remains incredibly bullish on Bitcoin throughout this downtrend. ARK CEO Kathy Wood said last month that she believes Bitcoin mining will turbocharge solar and wind energy. A recent report from ARK showed that the U.S. was Bitcoin’s biggest buyer in July, and that the recovery path for Bitcoin is in place as it deleverages.
This month is of particular interest to ARK, as the SEC made decisions on ARK’s Bitcoin ETF application in July-August. If his ETF application gets approved by the SEC (which seems unlikely given the number of rejections so far), this would be a surprising tailwind for Bitcoin.
There are some indications that the SEC is likely to approve the application soon. Companies typically update their proposals when everything is set to start. There is an Ark Invest filing for a ticker-assigned Bitcoin futures ETF, and we see that Valkyrie has updated his own ETF prospectus with the ticker. This indicates that another Bitcoin futures ETF could be approved soon.
To Marcus Sotiriou, Analyst At a Listed Digital Asset Broker global block .
Bitcoin broke above the $24,000 level again this morning and is now up 37% in eight weeks. It’s clear that his four rate hikes in the first place and the technical recession have factored into the risk-on assets. Because there was huge and sustained selling pressure in anticipation of events and news.
Giants such as BlackRock and Wells Fargo took a bullish stance on Bitcoin last week, with Wells Fargo saying cryptocurrencies have evolved into a viable portfolio option.
ARK Invest, a US investment management firm with $50 billion in assets under management, remains incredibly bullish on Bitcoin throughout this downtrend. ARK CEO Kathy Wood said last month that she believes Bitcoin mining will turbocharge solar and wind energy. A recent report from ARK showed that the U.S. was Bitcoin’s biggest buyer in July, and that the recovery path for Bitcoin is in place as it deleverages.
This month is of particular interest to ARK, as the SEC made decisions on ARK’s Bitcoin ETF application in July-August. If his ETF application gets approved by the SEC (which seems unlikely given the number of rejections so far), this would be a surprising tailwind for Bitcoin.
There are some indications that the SEC is likely to approve the application soon. Companies typically update their proposals when everything is set to start. There is an Ark Invest filing for a ticker-assigned Bitcoin futures ETF, and we see that Valkyrie has updated his own ETF prospectus with the ticker. This indicates that another Bitcoin futures ETF could be approved soon.
