Giant Asset Managers Think Cryptocurrencies Have Hit Bottom!

Ark InvestFrank Downing, director of research at and asset management firm ValkyrieSteven McClurg, co-founder of bitcoineconomy and its cryptocurrency attended a session to discuss the status of focused managed accounts.

Valkyrie Funds and Ark Invest Say Cryptocurrencies Have Hit ‘Bottom’ Amid Market Drops

Asset managers from Ark Invest and Valkyrie think that the cryptocurrency has bottomed out, meaning its price cannot drop further, at a time when the FED’s contention with the global macro environment could lead to continued rate hikes.

“Even if the central bank overstepped and made a policy mistake, we are essentially pricing in a recession,” Ark Invest research director Frank Downing said in a statement today.

Steven McClurg, co-founder of asset management firm Valkyrie, agreed, adding that “we’re definitely in a recession.”

However, McClurg said that the cryptocurrency has “fallen more than the rest of the market.”

Markets are clearly in a downtrend right now, but crypto likely bottoming out, McClurg said. S&P 500 or Nasdaq“It’s closer than that,” he said.

McClurg predicted that the Federal Reserve’s Federal Open Markets Committee will raise interest rates 75 basis points at its November meeting, followed by a 50 basis point increase in December, and then another 25 basis points increase over the next year.

Despite Downing and McClurg’s near-term bearish outlook, fund managers seem quite optimistic about the future of crypto.

*Not investment advice.