Anthony Scaramucci, founder of investment firm SkyBridge Capital, stated that crypto assets are now seeking fair market prices after a period of recession.
2022 FTX Crash and SEC Regulations
In a new interview with Bloomberg Television, hedge fund expert Scaramucci said that the billion-dollar collapse of FTX in 2022 continues to suppress crypto asset prices for a long time.
“Crypto markets are very suppressed, Bitcoin
$91,963 or Solana, Ethereum
$3,110 You have seen what beings like these go through. “These are due to the disaster in 2022 and the repressive regulations required thereafter.” -Scaramucci.
Scaramucci added that the U.S. Securities and Exchange Commission’s (SEC) regulation of the industry through enforcement is a key factor in keeping crypto prices low. For more than 2 quarters, cryptocurrency markets have been stagnating due to concerns about new risks and bear markets eroding risk appetite. However, the effect of these events is now disappearing and we see this clearly on the BTC price chart.
Trump and Market Valuations
SEC Chairman Gary Gensler is reportedly expected to resign before President-elect Donald Trump takes office. It is expected that the new administration will take a positive approach towards crypto and the things that have negatively affected the markets so far will be reversed. Now, the USA will strive to continue the rise with steps similar to the regulations put in place by countries such as the UAE, Qatar, Singapore and Hong Kong to support crypto innovation.
“Now the market has seen that it will be more fairly regulated and Bitcoin is looking for the right price. “We are still at a very low price point in the valuation of how important Bitcoin is to the world.” -Scaramucci.
Bitcoin is currently trading at $91,912.
Scaramucci stated that Bitcoin’s market value should be traded at a level closer to the market value of gold, thus emphasizing that Bitcoin is considered an independent asset class, not just a stock.
A more fair and transparent valuation of digital assets, along with the expected regulations, can contribute to the healthy growth of the market.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
