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The U.S. added an estimated 178,000 jobs in March, rebounding from unexpectedly large job losses in February, according to data released Friday morning. March’s gains were about three times what economists expected, and the unemployment rate edged down to 4.3%. Why the March jobs report matters Market watchers generally viewed…
The CEO of ARK Invest, Cathie Wood, said in a recent CNBC interview that Bitcoin is now a “proven” asset and is unlikely to experience an 85% price correction from its new all-time high (ATH) during the current bear market. Her comments came as some analysts warn that the market could still fall to levels below $40,000.
At the time of publication, Bitcoin was trading around $67,000, down 47% from its ATH of $126.5k. The cryptocurrency has largely held its value during the ongoing crisis in the Middle East, but there are growing concerns that holders could capitulate further. Estimates for a potential bottom range from $30,000 to $56,000.
Wood argued that Bitcoin has evolved from very new technology into a proven monetary system and a distinct asset class. She pointed to increasing institutional participation as a factor that has reduced Bitcoin’s correlation with other assets and helped strengthen its price floor.
“Because you’re right; the 85-95% collapses associated with a very new technology — that’s done. This is a proven technology, it’s a proven monetary system, and it’s a new asset class,” Wood said.
Bitcoin rebounded from the $60,000 support level, but some analysts believe at least one additional major “price squeeze” may occur before a longer-term recovery begins.
Other forecasts have been more bearish. Skeptic Peter Schiff has previously argued Bitcoin could fall as low as $10,000, and he has criticized the asset since it was worth about $11.
In brief\n\nBitcoin dropped to about $93,000, falling back below the EMA50 and putting its recent golden cross at risk of invalidation. The global crypto market cap stands at $3.15 trillion, down 2.38% in 24 hours. On Myriad Markets, 82% of the money is betting on Bitcoin pumping to $100K before…
