ibusinesslines.com August 16, 2018

Bitcoin is the Best House in a Tough Market: Fundstrat's Tom Lee

11 August 2018, 09:57 | Kelvin Horton

Bitcoin, 'the best house in a tough market,' is bouncing back, says Wall Street bull Tom Lee

Bitcoin & Ripple Technical Analysis - Charts Point to Further Losses

Tom Lee, the CEO of Fundstrat Global, told CNBC in a recent interview that investors still believe that Bitcoin is the best cryptocurrency in a "tough market".

Bitcoin may not be reacting outright to the news, but the true sign of its return, Lee argued, is the regaining of its market share.

In the past month, bitcoin has been the leading performer amongst major cryptocurrencies in the market.

XRP/USD: The ripple community remained in distress despite news that XRP has now been added to the list of cryptocurrencies by Bitcoin Superstore, allowing customers to purchase from over 200k online retailers via XRP and 5 other cryptocurrencies, Coingape reported.

Bitcoin has been on a near steady downward slide, since briefly topping $19,000 in December.

This has aroused skepticism in die-hard bitcoin addicts.

Unsurprisingly, Bitcoin futures have also kicked off the week on a bad note.

The Bitcoin price was seen on the back-foot throughout Monday's sessions, continuing the soft trading that has been in place since the 23rd July sell-off.

Bitcoin price declined further and traded below the $6,200 support level against the US Dollar. "I think people are afraid it is going to go back down to $6,000 and never come back from those bear markets", Lee said on Monday.

However, it could just be a case of what goes up, must come down; indeed, the entire cryptocurrency market has been on a general downtrend for most of 2018 after Bitcoin reached a high of almost $20,000 in January. About a year later, by January, bitcoin's market share has dropped to only about 36 percent.

After the slight consolidation in the market yesterday, the value of Bitcoin (BTC) moved up a bit.

SEC leaders have publicly labeled bitcoin as a commodity and in June made it clear that cryptocurrencies would not be treated like securities, which offers a peek at how the agency might seek to regulate them.

On Sunday, August 5, 2018, Starbucks - enterprise collaborating with Intercontinental Exchange (ICE) to develop the digital currency ecosystem - clarified that it won't be accepting BTC or other digital currencies as a means of payment, after the misleading reports from mainstream media.

Lee is confident such a system could assist in bitcoin's legitimization.

Looking at the chart, the current price action is indicating a short-term recovery in bitcoin above $6,400.

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