These are exactly the kinds of things that altcoins need for a strong entry into the cryptocurrency bull market. Steps such as the creation of large funds, ETF applications, and trust issuance help altcoins to positively differentiate in the process. Bitcoin exceeded $62,000 at the time of writing at $62,073, while good news came on the ALGO Coin front.
ALGO Coin News
With the latest news, the altcoin, which targets $ 0.13, has not yet started a massive rally as expected. According to the announcement made by Algorand and CoinDesk, SkyBridge Capital, founded by Anthony Scaramucci, raised $ 100 million for the new Algorand fund. The upper limit was set at $ 250 million.
SkyBridge has around $700 million in cryptocurrencies. The announcement was made today at the SALT hedge fund conference in New York. SkyBridge Capital will serve as the investment sub-advisor for the fund, which was filed by First Trust Advisors. Scaramucci said;
âSkyBridge currently has about $700 million in crypto. We are launching an Algorand fund⊠We are capping that fund at $250 million, we have already raised $100 million for that fund.â
