‘We’re through the bear market’ as Bitcoin notches up 70% YTD

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After Bitcoin (BTC) got off to a bright start to 2023, SkyBridge Capital founder Anthony Scaramucci believes he has “overcame the bear market,” and his company’s cryptocurrency investment expressed confidence in

But “Mooch” said, “That’s a guess. We don’t know.”

on April 6th interview At Yahoo Finance, Scaramucci noted that Bitcoin has consistently outperformed all other asset classes over time, stating:

“But whenever you hold Bitcoin at a four-year rolling interval, if you pick that date and hold for four years, it outperforms all other asset classes.”

Skalamatch also expressed a bullish outlook on major cryptocurrencies by market capitalization ahead of the next halving scheduled for early March 2024. nice hash.

Halving countdown by NiceHash.

Bitcoin has historically operated in four-year cycles, with an upward trend beginning shortly after each halving.

The theory behind the price cycle is that when the block reward is halved, the BTC in existence becomes scarcer and therefore more valuable.

According to Cointelegraph Pro, Bitcoin is on track to see a nearly 70% gain in 2023, rising from $16,521 to $28,060 compared to the S&P 500 index, which rose just over 7% over the same period.

Bitcoin’s enviable start to 2023 comes amid what can only be described as poor market and regulatory conditions that may still be weighing on prices.

US-based crypto institutions are struggling to find banking partners and liquidity following the collapse of crypto-friendly banks like Silvergate, Silicon Valley and Signature Bank. Interacting with crypto.

Related: Bitcoin ‘Facing Headwinds’ as U.S. Money Supply Falls to the Lowest Since the 1950s

Additionally, according to CoinMarketCap, the two largest cryptocurrency exchanges in the world, Binance and Coinbase, have come under recent regulatory scrutiny.

Coinbase received a Wells notice of possible enforcement action from the Securities and Exchange Commission on March 22nd. Meanwhile, Binance has been sued by the Commodity Futures Trading Commission for violating trading and derivatives rules.

However, crypto sentiment remains positive despite these events.

The Crypto Fear & Greed Index, an index used to measure cryptocurrency sentiment, is currently in greedy territory, aiming for a high not seen since November 2021 – Bitcoin’s all-time high is the value.

Crypto Fear & Greed Index (screenshot). sauce: alternative.me

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