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Crypto VC Paradigm is in the process of raising $1.5 billion for its new fund and plans to close on November 12, according to The Block. Meanwhile, Matthew Mizbani of hedge fund Coatue Management has become Paradigm’s new partner. In addition to the capital raised from Paradigm’s limited partners, the document mentions a minimum general partner commitment of 1 percent. The size of the fund could range from $1.25 billion to $1.5 billion, according to promotional documents. Earlier this year, venture capital giant Andreessen Horowitz announced it had raised $2.2 billion for its third crypto fund, the industry’s largest ever. Paradigm was founded by Fred Ehrsam and has invested in Uniswap, Optimism, StarkWare, MakerDAO, etc.
Bitcoin managed to breach $57,000 yesterday and is currently hovering near that level. In the short term, Bitcoin price entered a brief correction period. If Bitcoin doesn’t break below support at $55,500 in the near term, it could further extend its bullish pattern. Although BTC rebounded recently, the altcoin market is obviously not in green. The next $58,000 zone is an important pressure level. Whether BTC can break through this position will be a determining factor for BTC reaching $60,000 in the future.