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SkyBridge Capital founder Anthony Scaramucci urged crypto market participants to stop looking for artificial news triggers to justify price fluctuations. Against the backdrop of a local market recovery after a deep correction, the financier said the first cryptocurrency has finally outgrown the need for marketing support.
"Bitcoin does not need a narrative. It is the most important invention in modern history," Scaramucci stressed. In his view, attempts to tie every price movement to short-term news are pointless, since the asset's long-term value is determined solely by its mathematical model.
The investor's statement came at a time when Bitcoin is showing the first signs of stabilization after a difficult two-month decline. According to current TradingView data, by midday on July 9, BTC was trading at $62,952, gaining 1.13% over the past 24 hours.
The current price action clearly illustrates Scaramucci's logic. In early July, panic among retail investors pushed the price into the $58,000–$59,500 range. However, as technical analysis shows, this drop was caused not by deteriorating fundamentals, but by technical factors: mass liquidations of leveraged positions and forced selling by miners covering operating expenses.
On the daily chart, the RSI has already moved out of the extreme oversold zone, settling at a neutral reading of 49.24. This confirms that the wave of "weak hands" capitulation is over, and the market has moved into organic accumulation without the need for new media-driven catalysts.
End of the era of speculative stories for Bitcoin
Scaramucci effectively summed up his June manifesto on the immutability of Bitcoin's foundation, reminding the market that amid rising global debt, the hard emission cap of 21 million coins works better than any promises. The spot ETF infrastructure built over the past several years has created a permanent institutional framework that keeps the market from an uncontrolled collapse.
Bitcoin's July 2026 rebound confirms the SkyBridge chief's thesis that BTC has entered a phase of maturity, where the best narrative is the protocol code itself and mathematically guaranteed scarcity — even as some are already proposing to change it.
Dan Burgin
U.Today Editorial Team
