ALGO Enjoys 27-Month High as Skybridge Capital Announces $100M Fund

BeInCrypto –

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.

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