The head of the ARK Invest fund commented on the fall of bitcoin

by in Cryptocurrency News

Wood

Many experts have already reacted to the dominance of the negative trend in the crypto market.

For example, Bloomberg strategist Mike McGlone said that the pullback would be temporary, but Bitcoin could hold above $ 40,000.

So far, the analyst's forecast is coming true, and the largest digital currency is indeed gaining the support it needs to prevent a deeper correction. On Tuesday, January 11, BTC is trading at $41,830.

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ARK Invest founder Katie Wood believes macroeconomic instability is causing concern for many investors.

They prefer to switch to the US dollar and sell risky assets. That is why we are seeing a decline in the value of not only the shares of IT companies but also of digital currencies.

Katie Wood emphasized: "The correction that is taking place in the cryptosphere has been the reason for what we see in the stock markets, namely a blow to technology and innovation. I think it won't last long."