Cathie Wood Says Most Cryptocurrencies Will Die Out
Ethereum is plunging 7%, breaking below the key $2,600 level to trade at $2,559. Bitcoin also retreats.
Quick overview
- Cathie Wood predicts that most cryptocurrencies will disappear, with Bitcoin, Ethereum, and Solana likely to survive long-term.
- Bitcoin currently leads the market with a $2.1 trillion market cap, followed by Ethereum at $305 billion and Solana at $81.1 billion.
- Wood notes a renewed risk appetite among U.S. companies, driven by expectations of deregulation and tax cuts ahead of the election.
- The cryptocurrency market is experiencing declines, with Ethereum dropping 7% and Bitcoin retreating 1.7% as altcoins face even steeper losses.
Cathie Wood, founder and CEO of ARK Invest, predicts that most cryptocurrencies will vanish in the long run, leaving only a select few to survive.
According to the renowned investor, Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) are the likely survivors with long-term potential.
Currently, Bitcoin leads the crypto market with a market cap of $2.1 trillion, followed by Ethereum at around $305 billion. Solana ranks as the sixth-largest crypto asset, with a capitalization of approximately $81.1 billion.
Shifting Market Sentiment
In recent remarks, Wood also noted a renewed risk appetite among U.S. companies, fueled by growing expectations around Donald Trump’s push for deregulation and tax cuts ahead of the election.
“We’re seeing massive capital expenditures from major corporations,” Wood stated, suggesting that this shift marks a break from recent years when mega-cap tech stocks dominated as investors sought safety amid regulatory uncertainty under the Biden administration.
In her view, businesses are now beginning to deploy capital more aggressively, encouraged by the possibility of a more business-friendly policy environment.
Crypto Market Today
The cryptocurrency market is sliding this Friday, June 13, with Ethereum plunging 7%, breaking below the key $2,600 level to trade at $2,559. Bitcoin also retreats, though less sharply, falling 1.7% to $105,587, moving further away from its all-time high, according to Binance.
Altcoins are suffering even steeper losses, with declines of up to 8.5%, led by Avalanche, followed by Sui (-8%), Solana (-6.9%), Cardano (-6.3%), and Dogecoin (-5.2%).
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