With a crypto-focused exchange-traded fund, ALGO makes it easy for institutional investors to access the market and invest in cryptocurrencies. ALGO hit a 27-month high when Skybridge Capital announced $100 million in funding. SkyBridge Capital plans to apply for a crypto-focused exchange-traded fund called the Algorand fund. Popular altcoin project Algorand (ALGO) has reached its yearly high of $2.20 after the announcement. Detail cryptocoin.com‘in.
Popular altcoin Algorand and Skybridge Capital
According to the CEO, Skybridge Capital has raised $100 million in the Algorand Fund. Following the announcement by SkyBridge Capital CEO Anthony Scaramucci regarding the filing of the Algorand fund, the Algorand cryptocurrency climbed to a 27-month high of $2.20. Algorand sees correction after year high. Algorand is down 22% from its weekly highs to $2.00, putting pressure on buyers who bought ALGO above $2.00 as their positions slowly move towards the red. If the bearish pressure continues, we could see a correction below $1.86. ALGO hit $2.49 on September 9, up 630% year-on-year. It traded at its highest point in June 2019 and surpassed $3.
An announcement by the CEO of SkyBridge Capital at the Skybridge Alternatives (SALT) conference in New York this week indicated that they have applied to the US SEC agency for a new exchange-traded fund called the Crypto Industry and Digital Economy ETF. SkyBridge Capital is an alternative investment firm specializing in hedge fund products and hedge fund advisory solutions. He has over $700 million in crypto assets.
US SEC ETF job listing
Confidence in the SEC’s ability to handle Exchange Traded Funds was waning as of July 7, 2021, as many ETF applications were delayed, including Bitcoin, Ethereum, and Decentralized Finance. These ETF applications were filed by VanEck, WisdomTree, Goldman Sachs, and others. Recently, Fidelity Investments filed a lawsuit with the SEC for Bitcoin ETFs. SEC Chairman Gary Gensler has stated in the past that his primary concern is to protect investors, so a Bitcoin ETF has yet to be seen in the United States as it has in Europe and Canada. Gensler suggested that he might be open to a Bitcoin ETF if it follows the strictest rules for mutual funds or is based on Bitcoin futures.
What is Algorand?
Algorand is a Blockchain designed to speed up the transaction process and shorten the time it takes to complete transactions. Transaction volume is on par with major financial and payment networks. The consensus mechanism for the Algorand Blockchain is permissionless and completely proof-of-stake, and is a truly decentralized network.
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