Market Update: Bitcoin Stability and ARK Invest’s Recent Moves

Market Update: Bitcoin and Crypto Insights

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Latest Prices:

Bitcoin has remained relatively stable during the European morning session, hovering around $64,500 after a dip to $62,500 on Thursday. This price is close to its 50-day moving average, which serves as a crucial tactical support line for traders. According to Alex Kuptsikevich, a senior market analyst at FxPro, “If the decline continues, the dynamics around the $63K and $61K levels—near the 50 and 200-day moving averages—will be critical.” He added that “a failure to maintain this support could lead to a drop towards $55K, which would be quite alarming.” Historical data shows that August has been a challenging month for Bitcoin, with eight losing months compared to five winning ones, where the average decline has been 15.4% and the average rise 26%.

In notable news, Cathie Wood’s ARK Invest sold $14.8 million worth of Coinbase (COIN) shares on Thursday, marking the largest single-day divestment since May 7. This sale occurred just ahead of Coinbase’s second-quarter earnings announcement and indicates that the fund-management company sold more shares on the first day of August than it did in the previous two months combined. Following the market close, Coinbase reported second-quarter revenue that surpassed Wall Street analysts’ expectations; however, their profit figures fell short of the consensus. During regular trading, Coinbase’s shares dropped 5.2% to $212.64, but they experienced a brief rally after the earnings report, remaining relatively stable in pre-market trading. In total, ARK sold 69,069 COIN shares across two of its ETFs.

Additionally, Hong Kong stockbroker Futu Securities has launched trading for Bitcoin and Ether, and is incentivizing new clients by offering shares in major companies like Alibaba and Nvidia as rewards. Dubbed Hong Kong’s largest tech broker, Futu is actively working on “expanding our crypto offerings in the near future,” as reported by the South China Morning Post. The company is providing these crypto trading services through a partnership with HashKey Exchange, one of the only two licensed cryptocurrency exchanges in Hong Kong. Furthermore, Futu is in the process of obtaining a license to extend these services through its subsidiary, Panthertrade, which is currently deemed-to-be-licensed by Hong Kong’s Securities and Futures Commission, allowing it to offer crypto services while awaiting full approval.

Chart of the Day: – Omkar Godbole