HomeNewsDan Morehead, Crypto Billionaire and Pantera Capital Founder, Calls Out: Bull Market...

Dan Morehead, Crypto Billionaire and Pantera Capital Founder, Calls Out: Bull Market Launches – Brace Yourself to Fill Your Crypto Bags

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  • Pantera Capital’s founder, Dan Morehead, suggests that the crypto market is set to rally after a long downturn.
  • His prediction is supported by BlackRock’s recent application to launch a Bitcoin ETF, which could signify a significant boost in the crypto market.

Pantera Capital’s founder and managing partner, Dan Morehead, signals a strong positive outlook for the broader digital currency ecosystem. A firm believer in crypto’s potential, Morehead recalls the contributing factors to the ‘crypto winter,’ expecting a significant turnaround on the horizon.

Around a year ago, TerraUSD (UST), the industry’s first algorithmic stablecoin, became ‘depegged,’ following an assault by unidentified actors. The incident severely affected the value of Terra (LUNA) — the cryptocurrency deeply correlated with UST — causing it to lose 99.9% of its value. The fall of these two tokens severely impacted crypto venture capital firms and hedge funds with heavy exposure to them, including Terraform Labs, the parent company of both tokens.

Prominent firms, such as Three Arrows Capital (3AC), Celsius Network, and Voyager Digital, felt the first shockwaves of this event. Following these firms’ bankruptcies, a wave of Fear, Uncertainty, and Doubt (FUD) swept over investors, causing a significant slowdown in crypto investments. This conservative shift in investment strategies precipitated a broader decline in digital currencies from their previous multi-year highs.

The situation worsened with the implosion of the FTX Derivatives Exchange, adding to the market’s instability. While many digital currencies still struggle to regain their footing, Morehead posits that the market has weathered the worst.

Amidst these challenges, Morehead recently tweeted:

“Bitcoin’s year-over-year return bottomed at -76% amidst the FTX debacle last November. It recently flipped positive and is now at 31%. We believe it’s been enough time that we can rally now.”

His optimism is not unfounded. BlackRock, the world’s largest investment manager, has recently submitted an application to the U.S. Securities and Exchange Commission (SEC) to launch a Bitcoin Exchange Traded Fund (ETF). While the SEC has yet to approve such a product, the industry remains hopeful, given BlackRock’s successful track record with previous ETF applications. If approved, this could spur a significant inflow of funds into the Bitcoin ecosystem, reinforcing Morehead’s positive outlook on the crypto market’s imminent rally.

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Godfrey Benjamin
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose primary goal is to educate everyone about the prospects of Web 3.0. His love for crypto was sparked during his time as a former banker when he recognized the clear advantages of decentralized money over traditional payments. Business Email: info@ethnews.com Phone: +49 160 92211628