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a massive meltdown is sinking the cryptocurrency world FTX one of the largest crypto exchanges is now facing extinction major cryptocurrencies rising to close out the week as of noon Eastern Bitcoin traded right around 17 a thousand dollars there has ever been an asset where more people have made so much money even after these losses in such a short period of time the crypto Market has been filled with fud the fear uncertainty and doubt in the past weeks following the FTX crisis crypto investors are left speculating whether Bitcoin is worth it or not should they invest in Bitcoin what is the Bitcoin support level now can it drop below 15K I mean the FTX Fallout crisis has seriously impacted Bitcoin and the whole crypto space now to answer your doubts Kathy Wood has shared her viewpoints on bitcoin and crypto space so stay tuned till the end to know if she is still bullish on bitcoin or not let's get into the video to know the details and if you haven't joined our community yet go ahead and hit that subscribe button you can also hit that Bell icon to never miss a video our last in the Know video um we were remarking and impressed that Bitcoin had been much more stable it was in the 17 and a half to 23 000 range it had been more stable than the equity markets in the bond markets and we we thought wow that that could be a leading indicator uh maybe Bitcoin is going to be a leader in the next bull market and then of course early in November FTX went bankrupt uh does appear that there has been fraud involved um now what we took from the the price break associated with it if you looked at a chart of Bitcoin as many technicians have from the beginning of this year they've basically said this thing's going back to ten to twelve thousand that's where it has support it doesn't have much support between here and there well guess what it stopped at 15 and a half and it is now around 17.
so it has withstood a massive uh amount of uncertainty in terms of what's going on in the crypto Market FTX went bankrupt in early November and as a result Bitcoin prices fell sharply this highlights the fact that the cryptocurrency market is still very volatile some experts were even speculating that Bitcoin is not far away from ten thousand dollars despite all the bearish sentiments surrounding the crypto Market Bitcoin has still managed to remain relevant and was trading above the sixteen thousand five hundred dollar support level for the past few days but as the month ended the global digital asset Market saw a positive recovery over the past weekend where bitcoin price recorded a marginal surge of 0.3 percent so is it gaining momentum and preparing for a bullish rally in the days to come this is surely a positive sign for the bullish Trend in the long term as well as short-term Traders so can we see Bitcoin trade above 18K at what price will Bitcoin end this year do you think December will be a better month for crypto space let's go ahead in the video to know more and before jumping ahead in the video be sure to give a big thumbs up one of the things we have have been impressed by is how the Bitcoin blockchain and ethereum uh neither one of them skipped a beat in terms of operations no transactions interrupted at all if you think back if you're in the markets in 2008 2009 uh the markets froze Banks stop processing they didn't know where the counterparty risk was and uh they they they didn't they they didn't the absence of of information the absence of transparency just the market froze and the FED had to come in it was a near-death experience for the Global Financial system well it has not been a near-death experience for for crypto and uh it's highlighting how important transparency is we can see every trans every transaction on the network by IP address we can follow the money by IP address and um and the decentralization of the network is also Paramount you know it was very interesting that Sam bankman freed uh never liked Bitcoin well it's becoming obvious to me now uh now that I know he never liked it um why he didn't like it uh it's because it's not centralized there's no way to control it like he was controlling his Empire uh and uh so it highlights this you know the Dual nature decentralization transparency and Regulators are beginning to understand this um the newest SEC commissioner Jaime Jaime lizaraga still getting used to his name um he he uh highlighted uh how important decentralization and transparency are um and a lesson learned from this crisis and so from a regulatory point of view the focus on those two variables could be very good for the crypto asset ecosystem Bitcoin is decentralized meaning it is not subject to the control of any single entity this is one of the main attractions of cryptocurrency it is also transparent as all transactions are recorded on a public Ledger meaning that everyone can see where the money is going and how it is being used not just this Bitcoin has shown to be a very resilient Network continuing to operate even in times of duress like last month and all of this has made Kathy Wood confident on bitcoin even more than before she still considers Bitcoin to be the future of currency globally even SEC commissioner Hester Pierce said in an interview last month that ftx's collapse could finally be the Catalyst for regulation it begs the question what new Innovations regulations or at the worst side fallouts will unleash before the next wave of the cycle now let's hear Kathy Wood's viewpoint on the ongoing crypto cycle and what we should expect in the future we probably are going to see more fall out and we think we can Dimension it one of the ones rumored not rumored um I think we have a lot of facts on this dcg digital currency group owns Genesis and it may have borrowed roughly a billion dollars from Genesis we are talking counterparty risk again Shades or Echoes of that crisis um reinforcing this idea is we with transparency you will have a much better understanding of counterparty risk with decentralization the counterparty risk should be lessened I think every time we go through a battle test of the crypto asset ecosystem I feel better I feel better if you look at the trajectory of Bitcoin while the swings are wild um as Jeremy Siegel said on our podcast yesterday he doesn't think there has ever been an asset where more people have made so much money even after these losses in such a short period of time 12 to 13 years I know so I know that patients will win out Kathy Wood believes there should be more Fallout in the crypto space following the FTX crisis but she has also doubled down on her bullish bets for Bitcoin saying she remains confident in the cryptocurrency despite its recent pullback with the Bitcoin price at the critical support level of seventeen thousand dollars there may be hope for more increase what do you guys think can Bitcoin reach eighteen thousand dollars by the end of this year or can it go back and drop below 16k let me know in the comments below and don't forget to like share and subscribe for more videos on the crypto world and economy I'll see you in my next video adios and thanks for watching
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