Hedge Funds’ Top 12 Cryptocurrency Stocks to Purchase.
We’ll look at the top 12 cryptocurrency stocks, as recommended by hedge funds, in this article. You can go directly to the 5 Best Cryptocurrency Stocks To Buy According To Hedge Funds if you’d like to bypass our summary of the rapidly growing cryptocurrency market that never ceases to astound.
The year of artificial intelligence has been 2023.
Beginning with investors reeling from high interest rates and recession forecasts, everything was gloomy. High growth industries like cryptocurrencies do not fare well in this environment, which is why these stocks did poorly. In actuality, 2022 was a catastrophe for stocks and the cryptocurrency space because high interest rates encouraged money to move into secure savings accounts.
For instance, the price of Bitcoin which is the world’s premier cryptocurrency and a widely known benchmark for the sector, tanked to below $16,500 in November 2022.
This time period was one of the worst for growth assets, as back then the Federal Reserve was pumping up interest rates by massive 75 point hikes a piece.
At the same time, just as crypto was struggling to find its footing, calamity hit the cryptocurrency sector as cryptocurrency exchange FTX declared bankruptcy
While declaring bankruptcy itself is not particularly controversial as several firms go through the process, FTX’s liquidation was far from ordinary.
This is because at the heart of the FTX saga was the question of legitimacy that cryptocurrency critics have continued to worry about.
Since Bitcoin or other cryptocurrencies are not backed by any assets, their value is thought to be purely speculative and determined by market sentiment alone.
In the case of FTX, it was revealed that the firm funnelled customer deposits into speculative investments – including its own token – and when these investments crashed, it lost customer money.
A fraud of epic proportions, it saw FTX’s founder Sam Bankman-Fried face trial for exactly a year before being convicted on all seven counts that prosecutors had brought against him.
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