In 2023, the cryptocurrency market will enter a new stage

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Ark Invest CEO Katie Wood thinks that the cryptocurrency market will enter a new stage in 2023. This development is due to a weakening of monetary policy by the U.S. Federal Reserve System. The Fed will weaken monetary policy and lead to increased demand for bitcoin and other digital currencies. 

Bloomberg strategist Mike McGlone also agrees with this sentiment, expecting BTC to rise to $30,000 or higher in a bullish phase. 

Katie Wood noted that macroeconomic factors will put pressure on the Fed, preventing it from raising the discount rate.

According to Ark Invest experts, there will be a gradual decline in inflation in the U.S. until it reaches the goal of 2%. 

The market is currently waiting for signals from the Fed which could mean that they are going to abandon the tight monetary system by mid-2023. This will serve as an incentive for investors who look at both stock markets and cryptocurrencies. 

In January 2022, analysts at Ark Invest published a report stating that bitcoin could skyrocket to $1 million within nine years.

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