The cryptocurrency market was relatively stable this weekend, and the industry itself was without any major news or events. Over the past 24 hours, most of the coins have seen a dip. Specifically, Bitcoin is down 3.55 percent, while ETH, SOL and AVAX are down 6, 8 and 7 percent respectively. Here’s a chart of the change in rates.

Changes in cryptocurrency rates over the day

At the same time, on a month-to-month basis, the situation still looks positive. Cryptocurrencies gave out tens of percent gains, with ETH jumping 53 percent on the back of information about a successful renewal coming up.

Cryptocurrency exchange rates change over the month

Note that the topic of Etherium's move to the Proof of Ownership consensus algorithm has generated a huge amount of rumours and misinformation. Making sense of it all will help our article.

Why Bitcoin is poised for growth

In his latest interview, Scaramucci voiced a very optimistic outlook on the long-term future of both traditional markets and the cryptocurrency sector. The head of Skybridge mentioned positive inflation data in the US, which, by the way, has also been a trigger for short-term growth in the BTC price.

According to Scaramucci, the global economy could recover to its state in the fourth quarter of 2019 over the next 6-12 months. Its characteristics then were a strong economy, low unemployment and moderate inflation. Here’s his cue.

The market is starting to realise this. It is simply a reminder to investors not to give up their positions, to fight their own fears, to remain patient and to focus on the long term.

That is, in essence, Anthony believes that Bitcoin's bright prospects as a next-generation digital asset around the world are already secured. The main thing here is to wait for a change in the macroeconomic situation, which in one way or another affects investor behaviour. And that will already be a reason for various coins to strengthen, which will eventually turn into a demand shock for BTC. We are talking about a surge in demand for this cryptocurrency, the argument for which is the limited amount of bitcoins.

SkyBridge Capital founder Anthony Scaramucci

The expert believes that investors have slowly started to realise the future prospects of Bitcoin from both the inflation report and the BlackRock news. In addition, Scaramucci drew attention to the impending merger of Etherium – the altcoin’s move to the Proof-of-Stake consensus algorithm. In his view, traders are now “buying on rumour” and “getting ready to sell on news”. That is, during the event itself, which will take place in September, we can expect a correction on the ETH chart as well.

Top cryptocurrencies

BTC and ETH are not the only coins mentioned by Scarmucci. According to CryptoPotato sources, he also sees an “optimistic scenario” of growth over the next 24 months for Solana and Algorand. In particular, Skybridge holds a small position in Algorand, and the project is very sympathetic to the fund’s management with its innovation.


Accordingly, this comment is essentially a promotion of the company's own financial interests, which sounds rather odd.


While investors and traders are only predicting an increase in returns on their investments, Bitcoin miners have already reported a significant increase in their profits. On June 13, 2022, the lowest local total return for miners per day was recorded at $14.4 million. Since that day, the figure has increased by almost 68 per cent. On August 12, miners collectively earned approximately $23.4 million per day.

Cumulative mining yields over the past 180 days

The increase in mining yields is also reflected in the BTC hash rate chart – it has increased by 10 percent in about a month, meaning there are more people willing to dig the coin. As a reminder, hashrate is the value of the total processing power of all crypto farms of miners in the Bitcoin network. It’s worth expecting that with the increase in hashrate, the difficulty of mining will increase in the near-term recalculation, meaning the profitability of the business may drop slightly after such an impressive jump, reports Cointelegraph.

Bitcoin’s hash rate over the past 180 days

The positive news has already been reflected in the reports of some mining companies, with the shares of many of them starting to rise. For example, firms like Hut8 Mining Corp., Marathon Digital Holdings and Core Scientific have seen their securities perform well on the stock market. This is a good result and an argument for the promise of the coin niche – especially given the fact that previously many mining companies had only been forced to report losses.


We believe that the BlackRock initiative does open the door for large professional investors to buy Bitcoin. And since the infrastructure for transactions is in place, it is certain to be taken advantage of. Therefore, there is a good chance that over relatively long periods of time, cryptocurrencies will indeed prove to be much more popular, and many people will be able to become familiar with their benefits.


What do you think about this prediction? Share your opinion in our Millionaire Crypto Chat. There we will talk about other important topics from the blockchain world.