Pantera Capital CEO Dan Morehead claimed that crypto markets are reflecting some overreaction from investors recently, in comments to CNBC August 8.
Speaking in an interview on CNBC’s “Fast Money,” Morehead suggested that investors have exaggerated the importance of the U.S. Securities and Exchange Commission (SEC) recent delay on their decision regarding a Bitcoin (BTC) Exchange-Traded Fund (ETF). As per Morehead, crypto investors should instead focus on more bullish events in the market, such as the announcement of upcoming cryptocurrency project Bakkt by the Intercontinental Exchange (ICE). The ICE, which operates 23 large global exchanges including New York Stock Exchange (NYSE), is set to launch a global ecosystem for digital assets alongside Microsoft and Starbucks. Morehead stressed that Bakkt is “huge news,” arguing that the upcoming project will have a “very profound impact over the next five or 10 years for the markets.” As for the recent ETF postponement, Morehead predicted that a Bitcoin ETF approval will take “quite a long time,” pointing at
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