Markets
3 Cathie Wood stocks to watch out for during the market crisis
The stock market took a step back after the previous rally as sentiment increased with Cathie Wood’s shares in the spotlight. Cathie Wood is the CEO of asset management firm Ark Invest and posts daily updates on her stock portfolio. Her stock portfolio gained popularity in 2020 after a peak, but declined in subsequent years. Stocks on the list fell due to the collapse in market sentiment
As stocks fell, cryptocurrencies continued to move sideways while maintaining correlation. Bitcoin recorded a daily outflow of 2% which led to a collapse in crypto stocks.
Crypto stocks they are assets whose values are influenced by Bitcoin, altcoins or blockchain technology. Here are Cathie Wood’s top stocks amid the market pullback.
Currency base (COIN)
Digital asset exchange, Coinbase is in Cathie Wood’s portfolio with bulls expecting a possible market reversal. Today COIN is trading at $244.16, a decline of 5%. The asset, however, sees long-term inflows with weekly numbers of 5% and a 15% increase in value this month. This sustained long-term performance has led market analysts to predict a recovery for the asset.
Coinbase is declining due to the bearish outlook of cryptocurrencies. As outflows and on-chain numbers plummet, traders show weak signals. In the first quarter of 2024, Coinbase posted bigger gains posting better-than-expected earnings as the price of Bitcoin rose to all-time highs.
Tesla (TSLA)
The electric car maker is among the assets in Cathie Wood’s portfolio. The asset trades at $177.48 and is down 0.26% today. Despite the bearish outlook, investors continue to expect a market rebound and Tesla remains a major asset. Market participants are taking long-term positions in the assets as year-to-date numbers are in the red zone.
Robinhood (HOOD)
Robinhood Markets Inc. has attracted attention following its recent acquisition of Bitstamp to expand its global crypto operations. The asset trades at $22.18 and is down 3% today. This year, HOOD has seen a significant 79% increase in price thanks to the bulls’ rally in the first quarter. Commentators are suggesting a turnaround for the asset in the event of a broader market rebound.
Read also: Ripple (XRP) versus Cardano (ADA): which asset will lead to recovery?
David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in learning about emerging technologies and has an eye for the latest news. Staying up to date on trends, David has reported in several niches including regulation, partnerships, cryptocurrencies, stocks, NFTs, etc. Away from the financial markets, David cycles and rides horses.