Pantera Capital CEO: Traders ‘Overreacting’ to ETF Delay, Ought to Concentrate on Bullish Information

Pantera Capital CEO Dan Morehead claimed that crypto markets are reflecting some overreaction from buyers just lately, in feedback to CNBC August 8.

Talking in an interview on CNBC’s “Quick Cash,” Morehead instructed that buyers have exaggerated the significance of the U.S. Securities and Trade Fee (SEC) latest delay on their determination concerning a Bitcoin (BTC) Trade-Traded Fund (ETF).

As per Morehead, crypto buyers ought to as an alternative concentrate on extra bullish occasions out there, such because the announcement of upcoming cryptocurrency venture Bakkt by the Intercontinental Trade (ICE). The ICE, which operates 23 massive world exchanges together with New York Inventory Trade (NYSE), is ready to launch a worldwide ecosystem for digital property alongside Microsoft and Starbucks.

Morehead careworn that Bakkt is “big information,” arguing that the upcoming venture could have a “very profound influence over the subsequent 5 or 10 years for the markets.”

As for the latest ETF postponement, Morehead predicted {that a} Bitcoin ETF approval will take “fairly a very long time,” pointing on the nascent stage of crypto adoption. For example, the hedge fund supervisor cited the truth that the newest asset that gained approval from the SEC for ETF certification was copper, a metallic that “has been on earth for 10,000 years,” commenting:

“The principle factor to recollect is that bitcoin could be very early-stage enterprise, however has real-time worth feed — and that’s a novel factor. Folks get excited concerning the worth and overreact.”

Morehead additionally talked about that whereas the most important cryptocurrency has skilled a detrimental worth pattern just lately, it’s nonetheless up round 82 % yr over yr, noting that “it’s all perspective.”

On August 8, the U.S. federal securities regulator postponed its determination on the itemizing and buying and selling of a Bitcoin ETF software from funding agency VanEck and monetary providers firm SolidX to the top of September. The worth of Bitcoin dropped on the information, dipping to as little as $6,211 after touching intraweek excessive of $7,560, in keeping with Cointelegraph’s Bitcoin price index.

In the present day the crypto markets have bounced back, seeing beneficial properties between 1 and 9 % in throughout the highest twenty cash. Bitcoin is buying and selling simply above $6,500 at press time.

AltcoinToday.com

Photograph by way of Shutterstock.

Supply: Cointelegraph

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