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Bitcoin May Fall Further - Pantera Capital CEO Blames Fed

 


Pantera Capital CEO Dan Morehead has spoken out, blaming the Federal Reserve for the tragedy of the global cryptocurrency industry. He mentioned that the Fed created a self-inflicted disaster here.


The Fed made two big mistakes

The digital asset market is in an extreme bear market. As the downtrend continues, bitcoin price is down another 4.70% on the day. 


According to Morehead, the crypto market paid heavily for the two major central bank mistakes. He mentioned that of the two errors, only one was slightly corrected by the authority. However, the Fed does not seem to acknowledge the big mistake.


Morehead pointed out that overnight rates that were way too low and way too long have hit the market hard. However, the most fatal mistake was the manipulation of the bond market. He added that this is the first time in 95 years that the central bank "never touched interest rates above overnight rates."


Pantera Capital's CEO warns the rollback will be painful, but the Fed still doesn't seem to understand what it's done. A reduction in their massive bond holdings is yet to come.


More pain on the horizon

Per the notice, Morehead also listed recent events in the crypto market that exposed the excessive leverage in the system. The collapse of Terra LUNA, CELSIUS, and 3AC was among his enumeration. However, he hinted that a few more could follow in the coming months.


With increased selling pressure, Bitcoin performs better than altcoins. The same has happened in this cycle as well. Much of the coin has fallen against BTC since touching its ATH.

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