Bitcoin To Dangerous Ground, Cathie Wood’s ARK Sinks And Brave Adds More Users
Last Updated on 8 January 2022 by CryptoTips.eu
The Bitcoin bears were out in full force on crypto Twitter this week as the world’s biggest crypto coin was seen dropping to levels not seen since a few months. At the time of writing, Bitcoin is trading near $42k and Ethereum changed hands for $3,200.
Crypto analyst Matthew Dibb yesterday told Reuters news agency:
We are seeing broad risk-off sentiment across all markets currently, as inflationary concerns and rate hikes appear to be at the forefront of speculators’ minds.
There is risk of a retreat back to the mid-30s on the short term.
It suggests BTC might even possibly test 30,000 but I doubt it ( I think the sell off is near done) but who the hell knows! Its similar enough for context but never rely on fractals. They are for context only. The BTC fractal is longer in time than AMZN and more volatile.
— Raoul Pal (@RaoulGMI) January 8, 2022
Cathie Wood’s ARK fund sees major withdrawals
One of the first victims of the selloff in both crypto and tech seems to be Cathie Wood, founder of the ARK investment fund who is a known ‘Bitcoin Maxi’ (meaning for her that she predicts Bitcoin to go ever higher and that she is a risk tech investor who is highly into Silicon Valley stocks and crypto).
The performance of Cathie Woods ARKK is so atrocious that even though it is not a hedge fund and it can't be shot against, it is a pall over every holding. Tempting to discuss opportunities but hard to find... It's such a tough streak...
— Jim Cramer (@jimcramer) January 6, 2022
The drop of some 48% off its high for the fund once known as a shining star on Wall Street was remarkable for analysts, with Josh Brown, CEO of Ritholtz Wealth Management declaring that:
This is worse than March of 2020 for that segment of the market. That is remarkable to me.
Brave adds more users
Basic Attention Token, the crypto coin of the Brave browser, is meanwhile holding steady in the past month or so while most other altcoins are seen sliding further down.
It comes after the project announced its 2021 results which were impressive to say the least. In the long spun blog post, Brave announced that
For the fifth year in a row, we’ve doubled the number of our monthly active users, going from 24 million MAU on December 31st, 2020, to over 50 million by the end of 2021.
We also ended the year with over 15.5 million daily active users (high water mark). Users all over the world are looking for a private, safe, and faster browsing experience, along with tools that give them independence from Big Tech.
