Cathie Wood Backing Sends Bitcoin Back Above $50K

Ark Investment boss Cathie Wood told Bloomberg Tuesday evening she remains "very positive on bitcoin," and is "very happy to see a healthy correction here."  This may have helped push the cryptocurrency price above the $51,000 mark overnight.  But there are other factors perhaps.

Big Bitcoin News

• MicroStrategy gained almost 9% early Wednesday, after closing down 21% Tuesday.
• Wednesday morning the business intelligence firm run by bitcoin bull Michael Saylor said it had purchased $1 billion worth of bitcoin, with holdings now around $4.78 billion.
• Saylor has become a leading advocate for bitcoin in recent months, calling on other companies to buy the digital token as an investment. On Tuesday, he told CNBC he believes bitcoin will one day have a market value of $100 trillion. As of Wednesday, bitcoin has a total market cap of roughly $920.85 billion, according to Coindesk.
• There was also more buying from Square.  Jack Dorsey’s Square said Tuesday that it had bought $170 million worth of the cryptocurrency.
• Bitcoin mining companies Riot Blockchain and Bit Digital gained 12% and 8%, respectively. Marathon Patent rose 15%, and Ault Global rose 5%.

Wild Volatility

• Bitcoin’s price roared back Wednesday after a sharp sell-off Tuesday.
• On Wednesday morning, it was reported that Dr. Craig Wright plans to file suit against the developers of bitcoin.  Wright claims to be one of the digital coin's inventors.
• The action will, for the first time, examine the nature and extent of legal duties conferred upon and owed by developers resulting from the control they exercise over their respective blockchains.

- Aaron Goldstein, Gambling911.com