After an announcement by SkyBridge Capital CEO, Anthony Scaramucci, regarding the filing of the Algorand fund, the Algorand cryptocurrency climbed to a new 27-month-high of $2.20
Algorand sees correction after yearly high
Algorand has dropped 22% from weekly highs to $2.00, pressuring buyers who bought ALGO at above $2.00, as their positions slowly migrate more and more into the red. If bearish pressure continues, we could see a correction to under $1.86. ALGO hit $2.49 on September 9, up 630% year-to-date. It traded at its highest point in June 2019, surpassing $3.
An announcement by SkyBridge Capital CEO at the Skybridge Alternatives (SALT) conference in New York this week, stated that they have submitted an application for a new exchange-traded fund with the U.S. SEC, called the Crypto Industry and Digital Economy ETF. SkyBridge Capital is an alternative investments firm specializing in hedge fund products and hedge fund advisory solutions. It has over $700M dollars in crypto assets.
US SEC ETF Backlog
Confidence in the SEC’s ability to handle Exchange Traded Funds was declining as of July 7, 2021, as far as crypto insiders and fund managers were concerned, as many ETF filings were (and are still) delayed, involving Bitcoin, Ethereum and Decentralized Finance. These ETF applications were made by VanEck, WisdomTree, Goldman Sachs, and several others. Recently, Fidelity Investments made a case for their Bitcoin ETF in front of the SEC. SEC Chairman Gary Gensler has indicated in the past that his primary concern is to protect investors, which is why a Bitcoin ETF has not yet been seen in the United States as it has been in Europe and Canada. Gensler suggested that he may be open to a Bitcoin ETF if it complied with the strictest rules for mutual funds or if they were based on Bitcoin futures.
What is Algorand?
Algorand is a blockchain that was designed to speed up transaction processing, and shorten the time it takes for completing transactions. The transaction throughput is on par with large financial and payment networks. The consensus mechanism for the Algorand blockchain is permissionless and pure proof of stake, and is a truly decentralized network.
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