Although the leading cryptocurrency has lost ground in recent days, it showed a strong performance in the first 3 months of this year. Many analysts and experts claim that this is just the beginning. Among them is Cathie Wood from Ark Invest, who stands out with her crypto investments. Wood supports Bitcoin with new bullish statement.
Cathie Wood: This is what’s driving the price of Bitcoin up!
Ark Invest’s Cathie Wood was recently interviewed by CNBC host Andrew Sorkin. Famous Bitcoiner shared his opinion on why Bitcoin has risen parabolically lately. Sorkin assumed that BTC moves in line with the price curves of the Nasdaq 100 index. He also argued that this makes Bitcoin a risky asset.
cryptokoin.comAs you follow from , Bitcoin had a very strong rally in March. In the process, BTC rose to an all-time high of $73,750. The famous investor clarified the possible reasons for this rise. He stated that Bitcoin acts as a response and protection against various fiat currency devaluations that have occurred around the world recently and people are not talking about them. Cathie Wood cited Egypt, Argentina and Nigeria as examples in this context. According to Wood, that’s what’s driving Bitcoin higher right now, as well as what’s driving spot BTC ETFs.
BTC is a risky asset, but it is also a ‘hedging’ asset!
Besides this, Bitcoin continues to act as an “escape to safety” and “a hedge against loss of purchasing power and wealth.” Cathie Wood also noted that Bitcoin is simultaneously a risky asset (for traders and speculators) and a risk-off asset for those trying to save their money in countries with rogue regimes or inefficient monetary policies.
Meanwhile, Ark Invest is one of the companies with a spot Bitcoin ETF called ARK 21Shares (ARKB). Today, for the first time since January, this ETF faced a larger outflow from Grayscale, according to BitMEX Research. Today, $88 million worth of Bitcoin left Ark Invest, eclipsing Grayscale’s $82 million.
“Bitcoin mirrors Nasdaq movements!”
Meanwhile, popular analyst Ali Martinez echoed Andrew Sorkin’s view on the recent Bitcoin price increase. The analyst published a post with charts showing that Bitcoin reflects Nasdaq100 price movements. These two charts show that even the current Bitcoin pullback coincides with a similar move by the Nasdaq. The analyst noted that Bitcoin needs to make a rapid recovery above the $69,000 price line to confirm this pattern. At the time of this writing, BTC was changing hands at $65,866.
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