Bitcoin Readies For Another Jaunt North, Pulls Cathie Wood's ARKK Higher
Bitcoin (BTCUSD) was spiking up over 2% during Wednesday’s, October 25, trading session, and attempting to break above Tuesday’s day high amid increased optimism that a spot Bitcoin ETF will gain SEC approval.
Bitcoin (BTCUSD) was spiking up over 2% during Wednesday’s, October 25, trading session, and attempting to break above Tuesday’s day high amid increased optimism that a spot Bitcoin ETF will gain SEC approval.
The apex crypto’s move higher has helped to pull Coinbase Global (COIN) north over the last few days. The crypto exchange has risen over 10% since Oct. 19 and appeared to be consolidating Wednesday on lower-than-average volume.
Combined with a slight rebound in Tesla’s stock, Coinbase’s move higher helped the Cathie Wood-led ARK Innovation ETF (ARKK) to surge on Monday and Tuesday.
If a spot Bitcoin ETF is really approved soon, or leading up to that potential event, Bitcoin could gain momentum in its trek higher, which could continue to boost ARKK’s performance. By the way, TARK is an actively managed 2X leveraged ETF aiming to return 200% of the daily performance of ARKK.
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