Cryptocurrency markets are witnessing crucial developments that aim to bolster altcoins. In this context, the recent launch of a new fund by SkyBridge Capital, spearheaded by Anthony Scaramucci, offers promising news for ALGO Coin. As Bitcoin trades above $62,000, the attention shifts towards altcoins and the strategies being employed to enhance their visibility and market presence.
What is the Latest on ALGO Coin?
Despite high expectations, ALGO Coin has not yet kickstarted the anticipated surge towards the $0.13 mark. Recent communications from Algorand and CoinDesk reveal that SkyBridge Capital has successfully raised $100 million for its new Algorand fund, with a cap set at $250 million.
How Much Does SkyBridge Capital Hold in Crypto?
As of now, SkyBridge manages approximately $700 million in various cryptocurrencies. This announcement was made during the SALT hedge fund conference held in New York, where it was also disclosed that SkyBridge will act as the investment sub-advisor for the fund application submitted by First Trust Advisors.
Key Takeaways:
- SkyBridge Capital launches a new fund targeted at ALGO Coin.
- The fund has already raised $100 million, aiming for a total of $250 million.
- SkyBridge manages $700 million in cryptocurrencies, highlighting their significant industry presence.
This strategic move by SkyBridge not only reflects confidence in ALGO Coin but also signifies broader efforts to strengthen the altcoin market. As the landscape evolves, such initiatives could play a pivotal role in attracting more investors and fostering growth in the cryptocurrency sector.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/skybridge-capital-initiates-fund-for-algo-coin