Bitcoin (BTC) has struggled in the past few days, falling nearly 25% over the past seven days, bottoming out at $20,800. Ethereum (ETH) fared even worse. Over the same period, the number two cryptocurrency by market value fell more than 30% with a bottom of $1,070. Many investors dumped their coins in anticipation of a recession.
“Stay Disciplined” With Crypto
In a interview with CNBC’s Squawk Box, Anthony Scaramucci discussed the current state of the market and gave further advice to investors. Scaramucci indicated that it is important that you as an investor remain disciplined.
“I am encouraged by the fact that Bitcoin is currently more than 50% of the total crypto market capitalization, which is another sign that there is a flight to quality there…I would advise people to just stay disciplined.”
Scaramucci makes no secret of the fact that there is a bearish sentiment in both the cryptocurrency market and the traditional financial market. Still, he remains optimistic and believes that the market may eventually recover.
For now, it remains to be seen whether investors take Scaramucci’s words to heart and actually remain calm in this turbulent market.
Falling bitcoin price
At the time of writing, we see that the market value of the cryptocurrency sector has plunged below the trillion. Shares are also falling sharply. The S&P 500 also appears to be entering a bear market, along with the Dow Jones Industrial Average nearly 15% has fallen since the beginning of the year.
When asked whether “staying disciplined” actually meant “buying”, Scaramucci indicated that he did buy bitcoin and ethereum with his company. He has also bought shares in FTX. He indicated that he may also have money left if we descend further.
