Bloomberg

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May 2, 2022 The Daily Hodl

SkyBridge goes all in on crypto, betting on ‘tremendous growth’ ahead

April 25, 2022 Coin Telegraph

"For us, we think the cryptocurrency markets represent tremendous growth,” said SkyBridge founder Anthony Scarramucci.

SkyBridge Capital is working on pivoting the majority of its assets under management (AUM) to digital assets, as the sector represents “tremendous growth” for the firm.

The hedge fund was founded by former U.S. politician Anthony Scaramucci in 2005, and first delved into Bitcoin (BTC) in late 2020. The firm also has money deployed in other hedge funds, late-stage private tech companies and real estate, with its total AUM reported being around $7.3 billion.

Skybridge now manages a $7 million Bitcoin Fund among others and has been actively working to get a spot BTC exchange-traded fund (ETF) approved by the U.S. Securities and Exchange Commission (SEC).

Speaking with Bloomberg in the lead up to the annual SkyBridge Alternatives Conference (SALT) this week, Scaramucci said that the firm is repositioning itself to “eventually be a leading cryptocurrency asset manager and adviser”

“We made a decision during the pandemic that we had to relitigate our entire portfolio. There’s a pre-pandemic world and a post-pandemic world, and a post-pandemic world has a lot more government deficits—it has a lot more uncertainty related to growth.”

“For us, we think the cryptocurrency markets represent tremendous growth. It comes with volatility, certainly, but I think over the three to five years, we’d like that trajectory,” he added.

SkyBridge’s director of business development John Darsie noted that the firm’s growing focus on crypto was brought about due to a “huge drawdown in the credit portion” of the firm’s hedge fund manager portfolio.

Seeking out investments in stronger growth-oriented managers, the firm is now looking for allocations across many crypto assets and blockchain projects, with Darsie noting that the SkyBridge is “extremely bullish on the sector.”

“What we decided to do was a portion of that capital that was previously allocated to credit managers was invested directly into crypto assets like Bitcoin and Ethereum—but then also rotate capital into crypto-asset managers like Multicoin, Polychain, Pantera, people of that nature,” he said.

The bullish comments come just weeks after Scaramucci noted that the blockchain industry has a very bright future, but was concerned by some “absolutely despicable” U.S. politicians that could hamper the growth of the local sector.

Speaking on the SEC with Bloomberg however, Scaramucci seemed relatively optimistic that the agency will approve a spot BTC ETF once a few more factors fall into place, while also noting that its application denial in January was not necessarily “specific” to them.

“I think the SEC is taking the position that because the cash trading of Bitcoin is happening all over the world, that they don’t have a one-market clearing for all buys and sells. So they’re worried about price manipulation.”

“But over time, because of the transparency of the markets, I think they’re going to get more comfortable with it,” he added.

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Dogecoin signals bottoming out as DOGE rebounds 30% in two weeks — What’s next?

March 27, 2022 Coin Telegraph

Altcoin

DOGE's price could swell by more than 150% on a classic bullish reversal setup known as the falling wedge.

A brutal correction witnessed in the Dogecoin (DOGE) market between May 2021 and February 2022, which saw the price dropping by almost 85%, appears to have come to a halt this month.

DOGE/USD rebounds 30% in two weeks

DOGE experienced strong dip-buying when its price crashed to levels around $0.10 two weeks ago, resulting in a 30% rebound move to $0.14 as of March 27. Meanwhile, the coin's upside retracement originated at a support level that constitutes a "falling wedge" setup, signaling an extended bullish reversal in the weekly sessions ahead.

In detail, a falling wedge pattern occurs when the price trends lower while fluctuating between two downward sloping, converging trendlines. In a perfect scenario, the setup results into the price breaking out of the descending range to the upside, rising by as much as the maximum distance between wedge's upper and lower trendlines.

*DOGE/USD weekly price chart featuring 'falling wedge' pattern. Source: TradingView*

DOGE's rebound from the wedge's lower trendline two weeks ago opens up its possibilities to continue the move upside toward the upper trendline — near $0.18. As such, breaking above the upper trendline further exposes Dogecoin's price rise toward $0.37, up more than 150% from today's price.

DOGE risks

Veteran investor Tom Bulkowski sees a falling wedge as a "poor performer" when it comes to predicting bullish chart patterns, noting that their "breakeven failure is high and the average price is low." He cites a study of 800 trades that shows that the possibility of a falling wedge breakout meeting its bullish target is near 62%.

Additionally, Dogecoin's track of record of showing a period of highly positive correlation with Bitcoin (BTC) — at 0.94 against the perfect score of 1 as of March 27 — could also limit its bullish bias if the latter drops due to ongoing macroeconomic and geopolitical pressures.

*The correlation coefficient between DOGE/USD and BTC/USD. Source: TradingView*

Mice McGlone, the senior commodity strategist at Bloomberg Intelligence, noted that Bitcoin could drop to as low as $30,000 due to its strong correlation with the U.S. stock market. Nonetheless, he maintained that BTC's price should recover from its bearish slump to target $100,000 in the long term.

DOGE price levels to watch out next

Dogecoin's latest rebound move now eyes a quick run-up towards the $0.15-0.19 area, a range encapsulating three psychological resistance levels: the 20-day exponential moving average (20-day EMA; the green wave), the 50-day EMA (the red wave), and the 0.618 Fib line (near $0.19) of the Fibonacci retracement graph — all shown in the chart below.

*DOGE/USD daily price chart. Source: TradingView*

A strong pullback, accompanied by a rise in volume, from the said resistance area could have DOGE test the 0.786 Fib line near $0.10 as its interim downside target. Conversely, a decisive move above the range could result in an extended upside momentum towards $0.24, with an eye on $0.30 and $0.37 (also the falling wedge target).

Conversely, a decisive move above the range could result in an extended upside momentum toward $0.24, with an eye on $0.30 and $0.37 (also the falling wedge target).

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Bitcoin faces new ‘milestone’ in 2022 as new forecast predicts BTC price ‘in the millions’

March 17, 2022 Coin Telegraph

Bitcoin

Gold surpassing Bitcoin’s returns this year is “unlikely,” says Mike McGlone, while former BitMEX CEO Arthur Hayes predicts seismic changes for both assets in the coming years.

Bitcoin “may be primed” for a quantum leap in its development thanks to inflation this year, a Bloomberg analyst has claimed.

In a tweet on March 17, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, released a fresh bullish take on Bitcoin’s (BTC) future under the current macro conditions.

Gold beating Bitcoin is “unlikely” this year

Well known for his belief in Bitcoin coming from the latest global financial turmoil out on top, McGlone argued that inflation would ultimately help Bitcoin’s “maturation” as an asset class, claiming it would even beat gold in terms of returns.

“Facing the Federal Reserve, inflation and war, 2022 may be primed for risk-asset reversion and mark another milestone in Bitcoin’s maturation,” he wrote.

“It's unlikely for Bitcoin to stop outperforming gold, stock market amid bumps in the road as the Fed attempts another rate-hike cycle.”

An accompanying chart showed Bitcoin’s performance relative to a basket of macro assets.

*Bitcoin vs. macro assets chart. Source: Mike McGlone/Twitter*

The forecast followed the first in what the Fed hinted would be a series of key interest rate hikes, an event that delivered a modest but welcome boost to BTC price action.

Former BitMEX CEO sees $1 million BTC

McGlone, however, was far from alone in his prediction. Arthur Hayes, former CEO of derivatives exchange BitMEX, delivered a stark warning about what was to come for global financial markets in his latest Medium post.

The Ukraine–Russia war, while adding to inflationary pressure, is symbolic because it has shown that even a central bank’s foreign currency assets can be effectively stolen, he argued.

“You cannot remove the world’s largest energy producer — and the collateral these commodity resources represent — from the financial system without serious unimagined and unintended consequences,” he reasoned.

Covering a range of macro topics, the post foresaw a restructuring of the financial system, during which Bitcoin, like stocks and commodities, would see heavy losses.

“If you aren’t willing to babysit your Bitcoin, then close your eyes, press that buy button, and concentrate on the safety of your family from a physical and monetary perspective. Awakening a few years after the fog of war dissipates will present a situation where hard money instruments rule all of global trade,” Hayes wrote.

Ultimately, however, both Bitcoin and gold should take a significantly more important role as stores of value in the face of declining participation in the U.S. dollar and euro standard from other governments.

Under such circumstances, which he acknowledged were to play out “over the next decade,” gold could be five figures an ounce, while a single Bitcoin could fetch a seven-digit dollar sum.

“For a single Bitcoin, my unit is in the millions. For an ounce of gold, my unit is in the thousands,” he continued.

“That is the magnitude of fiat denominated price that will occur in the coming years as global trade is settled via neutral hard monetary instruments and not the debt-backed fiat currencies of the West.”

DOGE/USD rebounds 30% in two weeks

DOGE risks

DOGE price levels to watch out next

Gold beating Bitcoin is “unlikely” this year

Former BitMEX CEO sees $1 million BTC

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