Bitcoin drop may signal demand, Scaramucci says

SkyBridge Capital founder Anthony Scaramucci said on Aug. 18 that Bitcoin’s latest bear market may contain one encouraging signal: its decline has remained smaller than losses recorded during previous cycles. Summary Scaramucci called Bitcoin’s current decline a bear market despite its shallower drawdown than earlier cycles. Bitcoin traded near $64,000 after falling roughly 49% from its October 2025 record peak level. Scaramucci compared the latest downturn with historical bear-market losses of approximately 75% to 80% previously. He attributed weak prices partly to capital rotating from cryptocurrencies toward artificial intelligence investments recently. Scaramucci forecast Bitcoin above $100,000 after another halving, but offered no guaranteed recovery timeline publicly. Speaking with CNBC’s Andrew Ross Sorkin at the Wyoming Blockchain Symposium, Scaramucci called the downturn a “clear Bitcoin bear market.” However, he argued in the interview that the depth of the selloff could indicate a more resilient buyer base. Scaramucci referred to a roughly 55% peak-to-trough decline. Bitcoin has since recovered to around $64,000, narrowing its current drawdown from the October 2025 recor...