Bitcoin Dip Purchased Amid Price Crash? What Does it Mean for BTC?

9:48 am, Wed, 23 June 21

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The price of the largest cryptocurrency was recently seen to drop below $30,000. This led to a slightly panicked situation, where even some of the long-term BTC investors were alarmed regarding the value of the digital asset.

However, amid the concerning price crash, one of the famous asset management companies, ARK Invest was seen to buy the Bitcoin dip. Making use of Bitcoin’s price, ARK made a big investment that took everyone by surprise.

Could this indicate that Bitcoin will be redeemed or its value will soon surge? Either way, if you are looking to invest in Bitcoin too then you should opt for exchanges such as SwissBorg or Kraken and invest easily.

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How Much Has ARK Invested in BTC?

ARK Invest is one of the top asset management companies in the U.S.A. It is located in New York and was founded by Cathie Wood.

According to reports, ARK Invest had $50 billion in assets under management in February 2021.

The company has now glided in the spotlight as news of a Bitcoin investment circulated earlier today. As per reports, ARK Invest purchased 1,046,002 shares of Grayscale Bitcoin Trust yesterday. The company now has a 4.57 weight in the Grayscale Bitcoin Trust (GBTC).

After purchasing Bitcoin during its price crash, ARK has now the third biggest holding, with Tesla and Square at the top.

How Has BTC’s Price Fluctuated and What Does it Indicate for the Future?

The flagship cryptocurrency took quite the hit yesterday as its price reportedly dropped as low as $29,154. However, it has recovered to some extent and is currently trading at $34,228 (at the time of writing).

Here is a graph by CoinGecko, showing the ups and downs in Bitcoin’s price.

btc-graph-23-06-2021

Despite the price crash in BTC, ARK Invest is not the only company to buy the dip. MicroStrategy was also reported to add 13,005 more BTC to its books, while the price of the crypto asset was low.

Therefore, this could indicate that the value of the flagship crypto asset is undeniable even if its price goes up and down. If you are a crypto enthusiast then you can make use of BTC’s current price and also invest in it by using the lowest fee Bitcoin exchange.

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