© Reuters
Investing.com – Cathie Wood’s Ark Invest Fund bought another $5.8 million in Coinbase (NASDAQ::) shares as she continues to show confidence in the cryptocurrency exchange, even as the price of its share falls. It closed down 11% on Thursday at $33.53. It has fallen by almost 90% in 2022.
The crypto sector remains under pressure as prices fell through 2022. The series of scandals and bankruptcies have also strongly impacted investors’ confidence in the ability of crypto firms to provide a secure service.
ARK’s ARKW Fund, or Next Generation Internet ETF, bought 27,813 COIN shares and ARKF, or ARK Fintech Innovation EFT, bought 144,463 shares.
Analyst forecasts diverge on the outlook for the crypto. Some expect a recovery while others see the possibility of another fall. However, market development could remain linked to monetary policy and economic growth.
The pressure exerted by US and European monetary policies will continue to influence the markets and investors’ appetite for risk.