Anthony Scaramucci advises investors to “stay disciplined” amid another crypto slide coupled with higher inflation threats.
Speaking to Andrew Ross Sorkin of CNBC’s Squawk Box, crypto bull Anthony “The Mooch” Scaramucci offered some encouraging words to crypto investors today. Without downplaying the traditional bearish sentiment dominating cryptocurrency and general market headlines today, Scaramucci told the CNBC anchor that he believes cryptocurrencies will recover from the “bloodbath” if market players remained wary.
“I am heartened that Bitcoin is currently over 50% of the overall crypto market capitalization, which is another sign that there is a flight to quality out there… I would recommend people stay disciplined.”
Asked by Sorkin if staying disciplined meant buying, the Skybridge founder said the company bought Bitcoin and Ethereum and held a private stake in FTX. “FTX is doing well. It is gaining market share and it is a profitable business. Scaramucci added that the company is ready for any scenario, including further price cuts.
Crypto plunges even further
It’s unclear whether crypto participants will respond to Scaramucci’s pleas for sobriety during the turmoil. As of press time, the crypto market cap is $1.04 trillion, according to Quinceko. Bitcoin is down almost 15% to below $24,000 and Ethereum is down 18% in the past 24 hours below $1,200 as many investors have moved away from crypto investments, anticipating a recession .
Stocks are also falling. The S&P 500 slipped into a bear market earlier this week, while the Dow Jones Industrial Average is down 13.6% since the start of 2022. MicroStrategy, the largest bitcoin-holding company, saw its shares fall 23%, while Coinbase’s share price fell 10%.
Celsius scares the market
On top of that, Celsius Network, the Hoboken, New Jersey-based crypto lender, suspended withdrawals, trades and transfers between accounts earlier today, citing unfavorable market conditions, sparking liquidity concerns. . Liquidity is important in the case of Celsius, as the company offers a relatively high annual percentage return (similar to the interest of a traditional bank) of up to 17% on deposits, according to the Company Website. Investors fear that an extended pause could cause further ripple effects in the crypto market.
Terraform Labs offered investors high percentage returns of up to 20% before the TerraUSD coin crashed just over a month ago, the effects of which are still being felt.
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