Important statements came from the CEO of Algorand today. The CEO says he has no idea about the price. He also makes important statements about hacking for altcoin. Let’s have a look at the details.
Highlights of Algorand CEO
Algorand CEO Staci Warden discussed the difficult issues of price, regulatory pressure and security. “We don’t focus on price,” says Staci Warden, ALGO CEO. Accordingly, the emphasis is on downplaying the importance of ALGO’s stinging performance. In a recent interview with Real Vision Crypto, Warden brushes aside the importance of price. Instead, it highlights the Foundation’s success in attracting developers to the ecosystem and driving their success.
Algorand opened 2023 at $0.1721. By February 7, it had a rally, reaching $0.30. Two weeks later it came to $0.2913. However, he could not pass this level. Afterwards, it provided support in the region of $0.24. The strengthening of the market leader Bitcoin after the banking crisis in March presented an interesting situation. Accordingly, there was an accelerated downtrend that reversed. Sentiment turned in favor of solid assets as opposed to fiat currency proliferation. However, this recovery has been somewhat muted. The $0.24 regional support zone for ALGO is now acting as resistance. This region, which received three rejections, led to another drop triggered on April 17.
At the time of writing, Algorand is down to $0.1507. It fell 50% from its 2023 high. On the other hand, this level has not been in question since March 2020. Therefore, ALGO has fallen to its lowest level in the last 38 months. Moreover, the coin is 96% behind the all-time high price of $3.56 achieved on June 20, 2019.
CEO answers tough questions
In an April filing against Bittrex by the SEC, the Algorand Foundation and Algorand Inc were accused of violating securities laws through the joint venture and profit expectation clauses of the Howey Test. During the call, Warden said the sanction was a surprise, as the Foundation is not US-based and ALGO is not issued within that jurisdiction.
Warden states that the Foundation gave a grant to the company regarding the MyAlgo Wallet hack that took place around February and that we featured as Kriptokoin.com. But he says that there is no relationship in any other way. Forensic investigations did not reveal any clues as to the cause of the hack. The matter is now on the FBI’s agenda. Concluding the interview, Warden stated that Algorand is a young ecosystem and does not focus on hype. Instead, he notes that they prefer to focus on developers, protocols, and follow a “bottom-up strategy.”
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