Chinese crackdown on bitcoin another blow to Cathie Wood's ARK ETF – Netscape News

By David Randall Reuters NEW YORK (Reuters) – China’s moves to crack down on bitcoin trading dealt another blow to Cathie Wood’s ARK Innovation Fund, which outperformed all other U.S. equity funds last year but is now mired among the worst of its peers. Wood, who has said that bitcoin will rally to $500,000, has slightly more than $1 billion invested in cryptocurrency trading firm Coinbase Global Inc, a position that makes up approximately 4.7% of her $21.7 billion fund. Shares of Coinbase fell more than 1.5% on Friday after Chinese regulators announced a blanket ban on all crypto transactions…