July 23, 2024
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Bitcoin News

Scaramucci: ‘We’re through the bear market’ as Bitcoin Notches Up 70% YTD

Following Bitcoin’s great start to 2023 at $28,041 per coin, SkyBridge Capital founder Anthony Scaramucci believes “we’re out of the bear market” and voiced confidence in his firm’s crypto assets.

“The Mooch,” on the other hand, tempered the assertion by saying, “That is a guess.” We have no idea.” Scaramucci stated in an April 6 interview with Yahoo Finance that 

Bitcoin has consistently outperformed every other asset class over longer time periods, saying, “But any time that you’ve held Bitcoin in a four-year rolling interval, so you pick the day, hold it for four years, you’ve outperformed every other asset class.”

Scaramacci also stated his optimism for the top cryptocurrency by market cap ahead of the next halving cycle, which is expected to occur in early March 2024, according to NiceHash.

Bitcoin has typically followed a four-year cycle, with an upward trend beginning immediately after each half cycle. The logic underlying the pricing cycle is that halving block rewards makes BTC more scarce, and hence more valuable.

According to Cointelegraph Pro, Bitcoin gained about 70% in 2023, growing from $16,521 to $28,060, while the S&P 500 index rose by just over 7% during the same year.

Bitcoin’s excellent start to 2023 comes against the backdrop of what can only be called as bad market and regulatory conditions, which may continue to weigh on the price. Following the failure of crypto-friendly banks such as Silvergate, Silicon Valley, and Signature Bank, crypto institutions based in the United States are struggling to find banking partners and liquidity, and there are fears that the United States is putting in place a policy that will prevent banks from interacting with crypto.

Furthermore, the two largest crypto exchanges in the world, according to CoinMarketCap, Binance and Coinbase, have both recently been scrutinized by regulators. On March 22, Coinbase got a Wells Notice informing it of potential SEC enforcement action, whereas Binance has been sued by the Commodity Futures Trading Commission for allegedly breaking trading and derivatives laws.

Nonetheless, despite these developments, cryptocurrency sentiment remains high. The Crypto Fear & Greed Index, which measures crypto emotion, is presently in greed zone and racing for highs not seen since November 2021 — Bitcoin’s all-time high.