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Scrammuci believes bitcoin bear market is gone

source-logo  crypto.news 07 April 2023 05:58, UTC

As a result of bitcoin’s strong start to the year 2023, the founder of SkyBridge Capital, Anthony Scaramucci, believes that we’re over the bear market. He also has expressed confidence in the crypto investments of his business.

During an interview on April 6, 2018, with Yahoo Finance, Scaramucci observed bitcoin’s (BTC) performance stating that over longer periods, bitcoin has consistently outperformed every other asset class:

“Each time that you’ve held Bitcoin in a four-year rolling period, which means that you can select any day and keep it for the next four years, you’ve beaten every other asset class.”

Founder of SkyBridge Capital Anthony Scaramucci

Bitcoin price analysis

The value of bitcoin has increased by about 70% in 2023, going from the $16,500 level to the $28,000 level. This is in contrast to the growth of the S&P 500 index, which has increased by just more than 7% during the same period.

BTC/USD price | Source: CoinMarketCap

The bitcoin price has gotten off to an excellent start in 2023, but this coincides with what can only be called bad market and regulatory circumstances, which might bring the price down further.

You might also like: Mike Novogratz predicts a bull year for crypto

After the failure of crypto-friendly banks such as Silvergate, Silicon Valley, and Signature Bank, crypto institutions based in the United States have difficulty finding banking partners and liquidity, there are also fears that the United States will implement a policy preventing banks from interacting with cryptocurrency.

In addition, Binance and Coinbase, ranked as the two biggest cryptocurrency exchanges in the world by CoinMarketCap, have been the focus of increased attention from regulatory authorities in recent months.

Read more: US Treasury warns DeFi poses a threat to national security