Buyers ‘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 lately, in feedback to CNBC August 8.

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

As per Morehead, crypto buyers ought to as a substitute deal with extra bullish occasions available in the market, such because the announcement of upcoming cryptocurrency challenge Bakkt by the Intercontinental Alternate (ICE). The ICE, which operates 23 giant world exchanges together with New York Inventory Alternate (NYSE), is ready to launch a worldwide ecosystem for digital belongings alongside Microsoft and Starbucks.

Morehead confused that Bakkt is “large information,” arguing that the upcoming challenge can have a “very profound impression over the subsequent 5 or 10 years for the markets.”

As for the current 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 primary factor to recollect is that bitcoin may be very early-stage enterprise, however has real-time value feed — and that is a singular factor. Individuals get excited in regards to the value and overreact.”

Morehead additionally talked about that whereas the main cryptocurrency has skilled a adverse value development lately, it’s nonetheless up round 82 p.c 12 months over 12 months, noting that “it is 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 utility from funding agency VanEck and monetary companies firm SolidX to the tip of September. The value of Bitcoin dropped on the information, dipping to as little as $6,211 after touching intraweek excessive of $7,560, in line with Cointelegraph’s Bitcoin value index.

In the present day the crypto markets have bounced again, seeing positive factors between 1 and 9 p.c in throughout the highest twenty cash. Bitcoin is buying and selling simply above $6,500 at press time.

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