Skybridge Capital founder Anthony Scaramucci says stocks and cryptos like Bitcoin (BTC), Solana (SOL) and Avalanche (AVAX) are bound to decouple from stocks on the back of one critical catalyst.
In a new interview with CNBC, the former White House Director of Communications says that the Federal Reserve is likely finished raising interest rates, and thinks markets could rise even if there is another 75 basis point (bps) hike this month.
“I think they probably move one more time – and frankly, if it is 75 (bps), I think the market actually moves higher because that’s really the finishing point, 50 would be good as well.”
For now, the hedge fund CEO says that there’s a correlation between crypto assets and the main stock indices like the Nasdaq.
However, Scaramucci says he thinks regulatory clarity from the U.S. Securities and Exchange Commission (SEC) and the Commodities and Futures Trading Commission (CFTC) could be a catalyst that makes crypto start to move independently.
“Until the SEC, the CFTC, and the legislator move to create more clarity in the regulation around crypto, it seems like it’s conjoined with the Nasdaq and the other risk assets.
I will point out, though, that last month Bitcoin was down about 3.7% and the overall market was down closer to 10%. So it did a little bit better last month.
At some point, I do predict you’ll have a decoupling, but it won’t be until you get regulatory clarity so with the market up right now it’s not surprising to me that things like Bitcoin, Avalanche, and Solana are moving.”
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