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After an announcement from SkyBridge Capital CEO Anthony Scaramucci regarding the Algorand fund deposit, the Algorand cryptocurrency hit a new 27-month high at $ 2.20.
Algorand sees a correction after the annual high
Algorand fell 22% from weekly highs at $ 2.00, putting pressure on buyers who bought ALGO above $ 2.00 as their positions slowly migrate further and further into the red. If the bearish pressure continues, we could see a correction below $ 1.86. ALGO hit $ 2.49 on September 9, up 630% year-to-date. It traded at its highest level in June 2019, surpassing $ 3.
An announcement by the CEO of SkyBridge Capital at the Skybridge Alternatives (SALT) conference in New York this week said they had submitted an application for a new exchange-traded fund to the US SEC called Crypto Industry and Digital Economy AND F. SkyBridge Capital is an alternative investment firm specializing in hedge fund products and hedge fund advisory solutions. He owns over $ 700 million in crypto assets.
US SEC ETF Order Book
Confidence in the SEC’s ability to manage exchange-traded funds waned as of July 7, 2021, as it relates to crypto insiders and fund managers, as many ETF deposits were (and still are) delayed. , involving Bitcoin, Ethereum and decentralized finance. These ETF requests were made by VanEck, WisdomTree, Goldman Sachs and several others. Recently, Fidelity Investments argued for its Bitcoin ETF before the SEC. SEC Chairman Gary Gensler has indicated in the past that his main concern is to protect investors, which is why a Bitcoin ETF has yet to be seen in the United States as it has been in Europe. and in Canada. Gensler suggested that it could be open to a Bitcoin ETF if it followed the strictest rules for mutual funds or if they were based on Bitcoin futures contracts.
What is Algorand?
Algorand is a blockchain designed to speed up transaction processing and shorten the time required to complete transactions. The transaction speed is comparable to that of the major financial and payment networks. Algorand’s blockchain consensus mechanism is unauthorized and pure proof of stake, and is a truly decentralized network.
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