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ARK Crypto Fund Sinks to New Lows; Get the Fed on the Phone

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Before the U.S. Federal Reserve’s (Fed) next policy decision on Nov. 2, Ark Invest’s Catherine Wood said the central bank was making a policy mistake that would result in deflation.

In an open letter, Cathie Wood has warned that “the Fed is making a policy error,” calling the recent unanimous decision to raise the Fed funds rate by 75 basis points unexpected.

Offering commodity data to the “data-driven” Fed, she said, “Without question, food, and energy prices are important, but we do not believe that the Fed should be fighting and exacerbating the global pain associated with a supply shock to agriculture and energy commodities caused by Russia’s invasion of Ukraine.”

Gold and digital gold lose sheen this week

Notably, the precious metal gold lost its sheen as expectedly high inflation numbers due Thursday also weighed down other commodity prices. Meanwhile, popularly considered digital gold by many, Bitcoin also started a weak week after Friday’s job data, slipping to around $19,000.

At the time of writing, BTC is trading in the 24-hour range of $19,011.81 and $19,432.81, with weekly and daily charts in the red on CoinGecko. The global cryptocurrency market cap also stands around $958 billion, down almost 2.5% in the past day.

The American investment management firm Ark Invest has remained bullish on BTC in the long run. Earlier, Ark Invest also predicted that by 2030, BTC would be a million dollars per coin.

ARK cuts investment in Coinbase

Ark was also one of the largest exposures to Coinbase in the marker. However, back in July, three Ark Investment Management funds sold slightly over 1.41 million Coinbase shares, giving up its title as the third-largest shareholder of the Nasdaq-listed exchange.

At the time of writing, Ark holds 3.52% of its

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