Chinese crackdown on bitcoin another blow to Cathie Woodu0027s ARK ETF

NEW YORK : 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 US$500,000, has slightly more than US$1 billion invested in cryptocurrency trading firm Coinbase Global Inc, a position that makes up approximately 4.7per cent of her US$21.7 billion fund. Shares of Coinbase fell more than 1.5per cent on Friday after Chinese regulators announced a blanket ban on all crypto transactions and mining. China’s…