Crypto Market Turmoil: Bitcoin and Ethereum Plummet, Institutions See Opportunity

The cryptocurrency market is in a state of turmoil, with Bitcoin and Ethereum prices taking a hit. At a recent conference in Miami, the mood was somber, with many attendees expressing concerns about the market's future. This is a far cry from the pandemic-era boom that saw the city's crypto scene thrive. According to a trader, the Bitcoin bear market is far from over, with the price potentially reaching a "real bottom" of $50,000. This prediction is based on a bearish outlook for the cryptocurrency, with new macro lows expected in the coming months. This is a repeat of the 2022 bear market, which saw Bitcoin's price plummet to around $30,000. Despite the bear market, institutional investors see an opportunity to invest in the space. According to Bitwise CEO Hunter Horsley, Bitcoin's price under $70,000 gives institutions a "new crack of the apple." This means that institutions can now invest in Bitcoin at a lower price, potentially leading to increased adoption and investment in the space. In other news, Jack Dorsey's Block is reportedly planning to cut up to 10% of its staff as part of a business overhaul. This move comes after the company posted strong gross profit growth in the third quarter, but received a mixed reaction from the market. Analysts forecast Block to post $403 million in Q4 profit on $6.25 billion revenue. Meanwhile, ARK Invest is making significant moves in the industry. The company, led by Cathie Wood, sold 134,472 Coinbase shares across three ETFs, while buying over 393,000 shares of crypto platform Bullish. This move is part of ARK's strategy to invest in companies that are poised for growth in the cryptocurrency space. The market downturn has also led to a decrease in investor sentiment, with many attendees at the Miami conference expressing concerns about the market's future. However, despite the bear market, there are still opportunities for investment and growth in the space. As Bitwise CEO Hunter Horsley noted, Bitcoin's price under $70,000 gives institutions a "new crack of the apple," potentially leading to increased adoption and investment in the space. In conclusion, the cryptocurrency market is experiencing a downturn, with Bitcoin and Ethereum prices plummeting. However, institutional investors see an opportunity to invest in the space, and companies like Block and ARK Invest are making significant moves in the industry. Despite the bear market, there are still opportunities for growth and investment in the space. Sources: * The Vibes From the 'Davos for Degens' as Bitcoin and Ethereum Plummeted * Bitcoin bear market not over? Trader sees BTC price 'real bottom' at $50K * Jack Dorsey’s Block may cut up to 10% of staff in business overhaul: Report * ARK extends Coinbase selling streak with another $22M sale, adds Bullish * Bitcoin under $70K gives institutions a ‘new crack of the apple’: Bitwise CEO