Cathie Wood, CEO of Ark Invest, announced via Twitter that the firm's crypto lead, Chris Burniske, is stepping down. Burniske will be replaced by Yassine Elmandjra, who has been with Ark Invest since 2014. Burniske's departure comes at a time when the crypto market is facing significant headwinds. The total market capitalization of all cryptocurrencies has fallen by more than 70% since its peak in November 2021. This has led to a number of high-profile crypto companies filing for bankruptcy, including Celsius Network and Voyager Digital. Despite the current challenges facing the crypto market, Ark Invest remains bullish on its long-term prospects. In a recent interview, Wood said that she believes that cryptocurrencies will eventually become a major asset class.