ARK Invest CEO Cathie Wood On What Will Drive Bitcoin Correction

Name	Symbol	Market	Market Cap ($)	Algorithm
Gala	GALAUSD	Crypto	1,536,249,548	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Gala

GALAUSD

Crypto

1,536,249,548

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.000208	-0.46%	0.045349	0.045349	0.045376

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.000208

-0.46%

0.045349

0.045376

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.046278	0.044792	0.045851	0.045557	0.012520 - 5.29

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.046278

0.044792

0.045851

0.045557

0.012520 - 5.29

Exchange	Last Trade	Size	Trade Price	Currency
CRTO	05:32:27	1.00	0.045349	USD

Exchange

Last Trade

Size

Trade Price

Currency

CRTO

05:32:27

1.00

0.045349

USD

Price x Volume	Volume	Base Symbol	Related Pairs
127,915.48	2,792,742.43	GALA	GALAEUR	GALAGBP	GALABTC

Price x Volume

Volume

Base Symbol

Related Pairs

127,915.48

2,792,742.43

ARK Invest CEO Cathie Wood On What Will Drive Bitcoin Correction

11/01/2022 5:00pm

NEWSBTC

The price of bitcoin continues to struggle and investors look towards various indicators to know when the price of the digital asset would begin to correct once again. While some indicators have shown promise in predicting what may yet come, it remains a guessing game as bitcoin has always been known to have a mind of its own when it comes to price movements. To this end, Cathie Wood, famed CEO of ARK Invest, has shared some interesting thoughts around the market correction and what will drive it. The bitcoin bull continues to look towards the crypto market through a positive lens as she shares what will bring about the market correction. Related Reading | Bitcoin Discount? Peter Brandt On Why You Shouldn’t Buy The Dip Crypto Market Succumbs To Strike Against Technology The whole of the crypto market is built on the back of new technology and as such, will sometimes follow technology trends in the broader market. ARK Invest CEO Cathie Wood posits in a new video on the ARK Invest YouTube channel that this is what is behind the recent crashes. Basically, there has been a strike against technology, growth, and innovation in the equity markets and the spillover of this strike is what brought down prices across the crypto market. However, the CEO does not expect this strike to last long. Related Reading | Galaxy Digital CEO Mike Novogratz Says Bitcoin Has Hit The Bottom Addressing the concerns about technology and innovation stocks being in a bubble, the CEO discounts this theory. Instead, explaining that these stocks are merely in what she refers to as a “deep value territory.” Wood is known to take risky bets on technology and innovation assets, which have paid off in the long run for her fund, as well as her clients. For the CEO, Bitcoin falls into this territory and has been vocal about her support for the digital asset. She also predicts a highly profitable future for tech and innovation assets, expecting a 10x growth in the next 10 years. “Based on the last eight years of our research, the opportunities will scale from $10-12 trillion today, or roughly 10% of the global public equity market cap, to $200+ trillion during the next ten years.” Where Is Bitcoin Headed? The new year is now in full swing and the implications of the holiday spending have been showing on the markets. Bitcoin which hit its all-time high of $69K last year has since lost over 30% of its value. The price is not in the $41,000 range, where it continues to struggle as bears try to pull it down. BTC trading north of $41K | Source: BTCUSD on TradingView.com For Cathie Wood, it has always been about the long game. Last year, the CEO, at various times, said that she expects the price of bitcoin to grow 10x from its value at the time. She attributes this growth to institutional investors finally moving at least 5% of their portfolios into the digital asset, at which point, bitcoin’s price will grow as high as $500,000 apiece. Featured image from Page One, chart from TradingView.com

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