Crypto Crash Continues And ARK Invests in Ethereum

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Last Updated on 19 May 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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The route that the crypto market finds itself in is continuing today, with the major cryptocurrencies all down double digits. By now, Bitcoin is down almost 40% since its all time high of $65k, reached about a month ago.

The market sentiment is that of extreme fear as the cryptosphere starts repeating sounds it last made in March of 2020 (when Bitcoin fell some 50% in a day). There is at least a sliver of good news as it appears Cathie Wood’s investment fund has now bought into Ethereum as well (via Grayscale).

With that, more institutional investment can be seen entering the market which should be interpreted as a sign of trust in the markets.

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Bitcoin nears $40k

As the best known cryptocurrency plunged towards $40k this morning, the needle of the Fear and Greed index dropped to a level of 23, meaning that investors are overcome with fear that the fall could accelerate as we dive deeper into this correction.

Arcane, a Norwegian market analyst firm, stated:

The past week has been filled with fear, uncertainty and doubt, and the bitcoin price has crashed down. In the past, an extremely fearful market like this has historically presented solid buying opportunities during bull cycles.

ARK Invests in Ethereum

Star stock picker Cathie Wood has now bought into Ether as well. When the SEC released her ARK investment fund’s report it showed that she had chosen to participate into Grayscale’s Ether fund for a value of some $20 million.

Analysts welcomed the news, stating it proved that institutions on Wall Street were eager to get into crypto this year.

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