Cathie Wood Doubles Down on Bitcoin as Its Value Soars Past $43K Amid Rising Market Optimism
Cathie Wood Believes in Strong Bitcoin Performance
Bitcoin (BTC) has just rocketed past the USD $30k (AUD $45.5k) mark for the first time in almost two weeks. This comes after news broke that BlackRock has become the first Spot ETF to hold over USD $2bn (AUD $3bn) or more than 52,000 Bitcoins.
So, will this trend continue or are we seeing another dump soon? While nobody can answer that for sure, Cathie Wood, CEO of Ark Invest said her confidence in Bitcoin is only increasing. Wood told Bloomberg News:
The more uncertainty and volatility there is in the global economies, the more our confidence increases in Bitcoin. And one of the reasons is we’ve just been through an inflationary scare – we think it was very much supply chain driven and Bitcoin is a hedge against inflation.
Fear & Greed Index Back To Greed
After spending most of January in the ‘Greed’ area, the Fear & Greed Index now stands at 61, after briefly settling in ‘Neutral’ amidst the crash last week. Now, things seem to be picking up again, as the index has left that neutral zone.
Trader Michaël van de Poppe believes that Bitcoin is done with the post Spot Bitcoin ETF approval dump and now rotation back into altcoins will start over the next two weeks before Bitcoin is ready to put in some new highs. The CEO & founder of MN Trading Consultancy said the overall crypto market cap will continue to traverse towards USD $2 trillion (AUD $3 trillion) over the next few months, adding that investors stuck to the motto “buy the f***ing Dip.”
The dip was quickly bought up last week.