Pantera Capital's Dan Morehead Optimistic About Digital Currency Ecosystem's Price Action

June 21 (Cointime) - Dan Morehead, founder and Managing Partner of Pantera Capital, expressed optimism about the future of the digital currency ecosystem. He cited the collapse of Terra (LUNA) as the cause of the "crypto winter" and believes a turnaround is imminent. The depegging of the industry's first algorithmic stablecoin, TerraUSD (UST), caused Terra (LUNA) to lose 99.9% of its value, impacting many crypto venture capital firms and hedge funds. However, Morehead believes the worst is over and points to Bitcoin's year-over-year return, which has recently flipped positive and is now at 31%. BlackRock's application to launch a spot Bitcoin Exchange Traded Fund (ETF) product is also seen as a positive sign for the industry.