All cryptocurrencies dropped massively yesterday amid the fears of a new strain of COVID-19 that had speculators and analysts brainstorming scenarios of a possible new lockdown. Recently, scientists discovered the B.1.1.529 variant of the coronavirus. It has a high number of mutations that could make it immune to the antidotes developed to date. The price of the original cryptocurrency dropped as low as $53,675 yesterday. Anthony Scaramucci explained the recent drop as Black Friday for crypto.
The panic episode is nothing but a Black Friday for crypto.
Discussing the cryptocurrency market, Trump’s former Comms director Anthony Scaramucci called for calm. In a recent interview for CNBC, the Founder of SkyBridge Capital explained that this panic episode (the biggest since the 2020 crash) is nothing but a Black Friday and that people should take advantage of it to inject money into strategic investments as government monetary policies do not give much reason to be optimistic. He said, “If the Fed is not tapering, this is a buying opportunity. It’s Black Friday, and things are on sale.”
Cryptocurrencies have enough reason to emerge stronger from this economic episode.
Scaramucci explained that the fears that led to the fall do not affect the fundamentals and that while there is a market overreaction, in the big picture, cryptocurrencies have enough reason to emerge stronger from this economic episode. “If you believe in the long-term fundamentals as we do, this is the time to be buying. I think this is a risk-off situation right now. Bitcoin and other cryptocurrencies being volatile, that’s taking people out of the game. That’s also washing out some of the leverage, which I think sets up a pretty nice first quarter,” he noted during the interview.