Scaramucci will invest in a crypto company started by the former CEO of FTX US.

It is understood that the cryptocurrency software provider will make it possible for traders to develop algorithmic-based approaches to access various markets.

Anthony Scaramucci, the founder of SkyBridge Capital, has invested in a cryptocurrency business started by the former head of FTX US.

In an email to Bloomberg, Scaramucci stated that he would use his own funds to support former FTX US President Brett Harrison's new business, which had just been made public three weeks after FTX's demise.

It is believed that the unnamed crypto software company will give crypto traders the ability to develop algorithmic-based access strategies to various markets, both centralized and decentralized.

Harrison is rumored to have been looking for a fundraising target as high as $10 million for a $100 million valuation.

Harrison posted a lengthy thread on Sam Bankman-Fried and his time at FTX US on January 14, and in response, Scaramucci tweeted that he was "proud" to be an investor in Harrison's new business.

Scaramucci thanked Harrison in a tweet response, and Harrison added, "Your support and advice mean the world to me. I'm eager to collaborate with you!

Scaramucci received a stake, but the amount of capital used was not made public.

Harrison's new cryptocurrency project was first alluded to on September 27 when he declared his resignation as president of FTX US.

He announced at the time that he was stepping down from his presidency but would continue to work with the exchange in an advisory capacity for the upcoming few months.

At the time, he said, "I can't wait to share more about what I'm doing next."

Harrison explained in his most recent thread on Twitter that he abruptly left the company after his relationship with Bankman-Fried deteriorated and that the difficulties caused him to "focus to the future and to my own company."

Scaramucci continues to have high hopes for the cryptocurrency market's recovery this year and refers to 2023 as a "recovery year" for the market.

The cryptocurrency investor predicted that Bitcoin (BTC) will rise to a price between $50,000 and $100,000 within the following two to three years in an interview with CNBC on Jan. 15.

"You are taking a risk, but you also believe in the adoption of [Bitcoin]. Therefore, if the adoption goes smoothly, which I think it will, this could easily be a $50,000 to $100,000 asset over the next two to three years, he continued.

At the time of publication, Bitcoin's price was $21,240, up 21.77% from the previous week.

Comments

Executives involved in a $1.5 billion South Korean crypto exchange fraud have been imprisoned.

The latest court action brings the total number of V Global executives behind bars to seven, after the CEO was previously sentenced to 22 years in prison. Six executives were sentenced to up to eight years in prison for their roles in the $1.5 billion (2 trillion won) South Korean crypto exchange fraud V Global, but three were not detained so they could fight certain charges in court. V Global ran from July 2020 to April 2021, attracting approximately 50,000 investors by promising 300% returns as well as sizable payments for referring new customers. According to a translation of Dec. 26 reports from South Korean media outlets such as Economist.co.kr, two high-ranking executives named Mr. Yang and Mr. Oh were sentenced to eight and three years in prison, respectively, for their roles in defrauding investors. Another four unnamed executives were sentenced to three years in prison and five years on probation. Three of the six have not yet been detained because they have claimed innocence ...

Putin's plan to change the way the world economy works runs into trouble.

The European Union, the G7, and Australia agreed a few days before December 5 to cap the price of Russian oil shipped by sea at $60 per barrel. This was the start of a new phase in the economic war between Russia and the West. The price cap may be one of the most important responses to Russia's use of its energy reserves as weapons since the start of its full-scale invasion of Ukraine, but most people don't understand what it means or what it hopes to accomplish. Many people seem to think that the price cap is a way to stop Russian crude exports, but that is not at all the case. On the contrary, it wants to make sure that they keep flowing even though regulations and sanctions are getting tighter and tighter, but not to Western markets. Since February, China, India, and many other third countries have been buying large amounts of crude oil from Russia at very low prices. They can still do this. The goal of the cap is not to stop these purchases, but to limit Russia's profit...

Rising wedge means...

Rising wedge Two convergent trend lines form the rising wedge chart pattern. The first trend line in the pattern connects the recent lows and highs. The result is an upturned triangle. Unlike a rising wedge, a falling wedge falls. Because the low has surpassed the high and the lower trend line is steeper, the rising wedge pattern is bearish. The only differences between the falling wedges are the triangle's slant and the pattern's inference. The rising wedge pattern predicts falling prices or a breakout to a downtrend, and trading volume drops as the wedge progresses. Even if the wedge is still capturing price action and advancing, decreasing volume may indicate sellers are preparing for a negative breakout. Causes and signs of rising wedge The rising wedge pattern follows long trends. It's useful for trading cryptocurrencies. The wedge pattern may signal a trend reversal if a crypto trend has advanced too quickly and far. Buyer-seller imbalances cause major trends. Buyers ...

Search This Blog