Anthony Scaramucci, the founder of Skybridge Capital, is convinced that the bear market for cryptocurrencies is over. He made this statement in an interview with Yahoo Finance, citing Bitcoin's (BTC) 70% impressive rise in value year-to-date (YTD). He cautionied his statement, as all predictions come with an element of uncerainty, stating "that is a guess. We don't know".

The crypto-space is hopeful with the start of 2023 and there may be more reasons for this optimism ahead of the next halving cycle, reportedly set to take place in the early march of 2024, according to NiceHash. This halving cycle, in which the Bitcoin network rewards block miners with fifty percent less coins, has traditionally resulted in an upwards trend in the price of Bitcoin. Scarcity and consequently higher value is one of the reasons for such a rise.

Cointelegraph Pro has documented a staggering 70% increase in the value of BTC from $16,521 to $28,060 over the course of 2023 alone. These impressive figures compare to much smaller gains made in the stock markets, with an increase of less than 10% in the S&P 500 during the same period.

The crypto world is going through turbulent times right now. Crypto institutions based in the U.S. are facing difficulties in finding banking partners for liquidity following the closure of crypto-friendly banks such as Silvergate & Signature Bank. Moreover, the two leading crypto exchanges in the world - Binance & Coinbase - have been under fire from Regulators. This could pose a potential risk of downward pressure on the prices of BTC & other cryptocurrencies.

Despite these events, market sentiments of investors remain positive and the Crypto Fear & Greed Index signals this too, with a current score of greed and increasing towards it's highest point since November 2021, when Bitcoin had achieved it's all-time high. This ahead of the next halving could be crucial in predicting the future growth of BTC prices.



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