SkyBridge Capital founder Anthony Scaramucci is urging Bitcoin investors to keep their emotions in check.
After tapping historic highs earlier in the cycle, Bitcoin has been facing severe downward pressure.
Most recently, as reported by U.Today, it endured a sharp weekend sell-off that dragged the price down to the $72,000 range.
Despite the market anxiety, Scaramucci insists that the fundamental value of the network remains entirely intact.
"Bitcoin got us to $126,000. So now we feel terrible at $72,000," Scaramucci wrote in a recent post on X. "But here's the thing — you own Bitcoin. I owned one Bitcoin before the rally. I owned one Bitcoin during the bear market. Same Bitcoin. Different feelings. The asset didn't change. The price did."
He concluded his message with a firm declaration: "Nothing stops this train."
Vicious weekend squeeze
Scaramucci's reassuring words arrive just as market sentiment takes a fresh hit.
Long-term spot holders may be unfazed, but short-term speculators were caught completely off guard early Sunday morning.
Bitcoin printed a massive red candle at 1 a.m. UTC, plummeting to a wick low of $71,349.
Almost 120,000 traders were liquidated across the broader crypto market in just 24 hours. A staggering $189.85 million was wiped out within just 12 hours.
Over-leveraged long positions bore the brunt of the damage, accounting for $132.80 million of the 12-hour liquidation total.
The drop even prompted notorious gold bug and crypto skeptic Peter Schiff to take a victory lap.
Surviving bear market exhaustion
For Scaramucci, the current market chop is a test of endurance.
Back in February, the financier explicitly conceded that the cryptocurrency sector had entered a bear market, noting that the question was no longer if, but how long it would last. Earlier this year, he also revised his previous $170,000 cycle prediction down to $150,000.
Scaramucci has pointed to a clear "demographic tension" as the main headwind for Bitcoin right now. "Crypto is still young money. Old money moves slower," he explained earlier this year.
Dan Burgin
U.Today Editorial Team
