According to Ackman, there are some issues with crypto like unethical promoters being able to produce tokens to allow pump-and-dump strategies.
While Thanksgiving is not giving much to thank for in crypto terms, billionaire investor and hedge fund manager Bill Ackman is still optimistic about digital currencies. While the current background of the cryptocurrency industry reflects the infamous FTX drama along with the recent plunge of the market, Bill Ackman has high hopes. The Chief Executive Officer of Pershing Square Capital Management asserts his faith in the industry and believes that it is here to stay. Bill Ackman was also recently in news for asking authorities to lower regulatory hurdles and smoothen restrictions in New York to make the city a crypto hub. He is also a direct investor in several crypto projects.
According to Ackman, there are some issues with crypto like unethical promoters being able to produce tokens to allow pump-and-dump strategies. Major crypto coins are utilized for dishonest activities and not to create honest enterprises.
Having said that, Ackman believed that with appropriate supervision from the industry managers, these fraudsters can be removed. All legal participation in the environment should be appreciated to uncover and remove dishonest actors as they highly alleviate the risk of regulatory intervention that will reduce the more optimistic potential influence of crypto for several generations.
The investor also added that while he was a crypto critic previously, he has now witnessed the immense possibilities crypto brings along that could change society to develop the international economy.
However, the crypto market is yet to show a positive side in the current bear run. Bitcoin has dropped down by 2.8% since yesterday, although it has been able to position itself above its recent $16,000 scaffold for the 12th day.
According to Joe DiPasquale, CEO of crypto fund manager BitBull Capita, the previous week exhibited Bitcoin trading in an extremely close range and was unable to go past the $17k mark.
Ether, similarly, had a downturn to more than 6% from Saturday. The second largest cryptocurrency in market value has plunged to more than 10% from its peak of $1,275. Other cryptocurrencies have also followed suit, with CHZ dropping to more than fourteen percent.
The shifting of crypto prices from equity marketplaces increased in frequency in the past weeks as the major indexes finished a bit higher on Friday. Conventional markets have however been untouched by FTX’s crash. BitBull’s DiPasquale claimed that bulls will be seeking continuous support above Bitcoin’s recent low at about $15,500 since FTX’s liquidity issues might start causing issues.
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