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Scaramucci Says Some Alts Had Their ‘Last Hurrah’
In a recent interview with Bloomberg, American financier and Bitcoin enthusiast Anthony Scaramucci warned of the potential for a major correction in the cryptocurrency market. He highlighted that some alternative cryptocurrencies (alts) may have had their “last hurrah” and are now likely to experience a significant downturn.
Scaramucci’s cautionary remarks come as Galaxy Digital CEO Mike Novogratz also recently expressed his doubts about Bitcoin’s sustainability, warning of impending corrections in the process. This sentiment has been echoed by other market observers, who believe that excessive speculation and hype have led to unsustainable price increases.
The latest data from CoinGlass reveals a staggering $1.05 billion worth of cryptocurrency liquidations over the past 24 hours, further emphasizing the extreme volatility currently gripping the space. Such severe corrections typically occur when market exuberance reaches a boiling point.
Notably, Scaramucci also dismissed concerns surrounding MicroStrategy’s debt, suggesting that it would take an extended Bitcoin bear market lasting up to seven years for the company to collapse. While remaining bullish on Bitcoin’s potential, he did not rule out the possibility of a major correction pushing prices back down to the $60,000-$70,000 range.
The ominous warnings from industry leaders and data-backed evidence of heightened volatility underscore the urgent need for cautious investment strategies in the current market landscape. As investors navigate this turbulent terrain, it’s essential to stay vigilant and prepared for any unforeseen events that may arise.
Source: u.today
