Dan Morehead, the founder and Managing Partner of Pantera Capital is optimistic about the price action of the broader digital currency ecosystem moving forward. Taking to his official twitter account, Dan recalled the events that led to the crypto winter that was sparked by the collapse of Terra (LUNA) and how a turnaround is imminent.
Recalling the Origin of the Crypto Winter
Just around this time last year, the industry’s first algorithmic stablecoin TerraUSD (UST) depegged following what was tagged an attack by unidentified actors at the time. The deep correlation between UST and Terra (LUNA) caused the digital currency to lose 99.9% of its value.
This event impacted many crypto venture capital firms and hedge funds who have deep exposure to the two tokens as well as the parent company Terraform Labs. One of the first firms to be impacted includes Three Arrows Capital (3AC), Celsius Network and Voyager Digital.
The Fear, Uncertainty and Doubt (FUD) that was present in the market f
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