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The downfall of FTX badly affected the crypto market, which created a high level of doubt and fear among crypto investors and users. Last week, the crypto market was filled with uncertainty regarding crypto asset prices. Investors are afraid to make a move on cryptocurrency after facing huge losses in the recent FTX collapse.
Cathie Wood, CEO of Ark Invest, said she would hold her bitcoin without considering the FTX collapse. Bitcoin has risen its price by 1.5%, currently trading at $16,600 (USD).
She said, “Sometimes you need to battle tests, you need to go through crises to see the survivors first of all.”
The collapse of FTX affected major cryptocurrencies, resulting in investors unloading GBTC shares. So currently, the trading of GBTC is available at discount prices. This discount price gained Cathie’s attention on Monday. Ark Investment entity invested 176,945 shares of GBTC worth $1.5 million (USD).
“Once they actually do the homework and see what’s happened here, I think they might be more comfortable moving into bitcoin and perhaps ether as a first stop,” Cathie added further.
Cathie’s Investing On Three Major Sectors are
- GBTC
- Coinbase Global (COIN)
- Block (SQ)
Lately, the three major senators of the United States, Elizabeth Warren, Tina Smith, and Richard Durbin, stated that the recent downfall of FTX is the main reason for the $4.5 trillion asset management firm to reconsider its bitcoin offerings.
Coinbase Global (COIN)
Coinbase announced its third-quarter earnings, which show a decline in profits. Due to weak market conditions and lawsuits filed against Coinbase, revenue fell to $576.4 million (USD), a decrease of 28% from second-quarter earnings.
According to reports, Ark Innovation ETF (ARKK) holds nearly 5.9 million shares of Coinbase, worth approximately $257.1 million (USD).
Coinbase stated that it will improve and develop the conditions that will help the entity’s growth in 2023. It is determined to overcome the economic conditions that pulled the entity backward in the 2022 reports.
Robert Kiyosaki About Investing In Bitcoin
Robert Kiyosaki, the author of the best-selling book Rich Dad, Poor Dad, stated that bitcoin is not an issue following the downfall of FTX, a crypto exchange. He assured the crypto users not to exit the crypto space because of FTX’s bankruptcy.
He recommended investors invest in crypto, including gold and silver. Kiyosaki said that he had been trying to invest in Bitcoin for several months before the cryptocurrency’s price reached $1,100 (USD).
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
