Pantera Capital CEO Dan Morehead said the cryptocurrency market is doing well, although a possible new bitcoin exchange-traded fund (ETF) could jeopardize the progress, Decrypt reported.
ETFs are publicly-traded investment tools to track the price of an asset, and a bitcoin ETF has been a “holy grail” for the crypto community for some time. But Morehead said such an ETF could cause for more volatility, according to the report.
He said he thinks a bitcoin ETF could result in a bear market, with prices possibly falling drastically, the report stated. He cited other instances of high-profile crypto product launches that saw instability afterward.
In other news, bitcoin’s price is continuing to ascend, with the asset having gained 19% in the past week, Bitcoin.com reported.
Bitcoin reached a daily high Monday (Oct. 11) of $57,678 per unit and has jumped 4.4% in the last day, per the report.
Crypto investors seem to be more interested in bitcoin lately, as the popular coin has been outperforming other top digital currencies, according to the report. The price increase might have to do with the possibility of the new bitcoin ETF.
Tim Frost, the CEO of digital wealth management platform Yield App, has said that bitcoin might “test all-time highs and break into six figures.” Frost said the ETF could end up seeing the coin’s value keep growing and that it could break into “the six-figure region and beyond” by the end of the year.
Meanwhile, Futureswap, a decentralized exchange for trading perpetual futures, has raised $12 million in a Series A funding round, The Block reported.
The round was secured from a token sale, according to the report. The exchange will use the capital to grow its staff and platform.
Investors included Ribbit Capital, Framework Ventures, True Ventures and Placeholder, which each put in $2 million. The rest of the money was raised by other investors.
Lastly, bitcoin surged 3% Monday following a two-week price rally that now pegs the cryptocurrency at more than $57,000, the highest level in over five months. Ether gained 2%, topping $3,500.