Cryptocurrency market will make a recovery: Skybridge Capital’s Anthony Scaramucci

Anthony Scaramucci, founder and managing partner, Skybridge Capital, expects a positive outcome for the future of cryptocurrency markets and advises investors to stay patient for the long-term by seeing through the current environment, as stated by Cointelegraph.

According to Cointelegraph, in an interview with CNBC, Scaramucci, who also happens to be a hedge fund manager, speak about the current developments in the cryptocurrency phase that could result in an increase in commercial activity. He also emphasised that the deemed to be improving Lightning Network, the two-layer payment protocol layered on top of Bitcoin (BTC), BlackRock’s collaboration with Coinbase, and implementation of a BTC Private Trust Fund are considered developing signs for the future. 

On the basis of information by Cointelegraph, Scaramucci said that the upcoming Ethereum (ETH) merge, scheduled to take place on September 15, which is expected to change network’s consensus mechanism to proof-of-stake (PoS), as a step to change the market price of the second largest cryptocurrency. Scaramucci stated that traders are buying the cryptocurrency based on positives the merger could bring but also anticipated the point of selling fast. 

Moreover, data from Cointelegrah noted that despite the ongoing cryptocurrency bear market, many top cryptocurrencies posted modest gains. According to reports, BTC has been up 20% in the last month to stand at $24,959, while the price of ETH surged 62% to $1,999. Along with seeing a resurgence in investors’ interest with inflation numbers bettering in July, Scaramucci believes that global economy can make a comeback to its firm 2019 Q4 status within six to 12 months time. Scaramucci is believed to carry a optimistic outlook for the cryptocurrency market, and advises investors to take care with knee-jerk reactions to bad news and emotion-based trading, along with the believe that BTC could see an unprecedented upswing in the next six months. Scaramucci mentioned about his firm having a position in ETH competitor Algorand (ALGO).

(With insights from Cointelegraph)

Also read: After the Acala exploit, the network and tokens freeze, raising concerns

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