• ALGO is at a 27-month high as Skybridge Capital announces a $100 million fund

  • After SkyBridge Capital CEO Anthony Scaramucci announced the filing of the Algorand fund, the Algorand cryptocurrency rose to a new 27-month high of $2.20.

    After a yearly high, Algorand expects a correction.

    Algorand has fallen 22 percent from weekly highs to $2.00, putting pressure on buyers who purchased ALGO at or above $2.00 as their positions gradually deteriorate. If bearish pressure persists, we could see a drop to less than $1.86. ALGO was trading at $2.49 on September 9, up 630 percent year to date. It reached its all-time high in June 2019, surpassing $3.

    SkyBridge Capital CEO announced this week at the Skybridge Alternatives (SALT) conference in New York that they have filed an application with the U.S. Securities and Exchange Commission for a new exchange-traded fund called the Crypto Industry and Digital Economy ETF. SkyBridge Capital is a firm that specializes in hedge fund products and hedge fund advisory services. It has over $700 million in cryptocurrency assets.

    ETF Backlog at the US Securities and Exchange Commission

    Confidence in the SEC’s ability to handle Exchange Traded Funds was declining as of July 7, 2021, according to crypto insiders and fund managers, as many ETF filings involving Bitcoin, Ethereum, and Decentralized Finance were (and continue to be) delayed. VanEck, WisdomTree, Goldman Sachs, and others developed these ETF applications. Fidelity Investments recently presented the SEC with a case for their Bitcoin ETF. SEC Chairman Gary Gensler has previously stated that his primary concern is to protect investors, which is why a Bitcoin ETF has yet to be seen in the United States, as it has in Europe and Canada. Gensler stated that he would consider a Bitcoin ETF if it adhered to the strictest mutual fund rules or was based on Bitcoin futures.

    What exactly is Algorand?

    Algorand is a blockchain that was created to speed up transaction processing and reduce transaction completion times. Transaction throughput is comparable to that of large financial and payment networks. The Algorand blockchain’s consensus mechanism is permissionless and solely based on proof of stake, making it a truly decentralized network.

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