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Cryptocurrency markets require significant initiatives for altcoins to thrive. The establishment of large funds, ETF applications, and trust issuance assist in positively distinguishing altcoins in the process. As this article is being prepared, Bitcoin 
$84,434 surpasses $62,000, while positive news emerges regarding ALGO Coin.
ALGO Coin Updates
Recent reports indicate that the altcoin aiming for the $0.13 target has not yet sparked the expected massive rally. According to a statement from Algorand and CoinDesk, SkyBridge Capital, founded by Anthony Scaramucci, has raised $100 million for a new Algorand fund, with a maximum target of $250 million.
SkyBridge holds approximately $700 million in cryptocurrency assets. The announcement was made today at the SALT hedge fund conference held in New York. In the fund application conducted by First Trust Advisors, SkyBridge Capital will act as the investment sub-advisor for this fund. Scaramucci stated:
“SkyBridge currently has around $700 million in cryptocurrency. We are launching an Algorand fund… This fund is capped at $250 million, and we have already raised $100 million for it.”
