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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
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.
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.
QUICK TAKE: SEC Cautious On Bitcoin ETF
The SEC is scheduled to either give or deny approval to nine new Bitcoin ETFs over the course of the next two months. But bitcoin has recovered from June, when it fell below $6,000. "I think the SEC has been very cautious with an ETF".
California wildfire forces more than 21,000 to evacuate homes
Gusty winds continued to drive the flames but were expected to ease off overnight before blowing up again Saturday afternoon. It truly does roar. "It's my house, my capitol, my kingdom, I don't want to just leave it", said resident Belal Abdullah.
James Bond Producers Interested In Idris Elba To Play 007
Officially, Danny Boyle is set to direct the next James Bond which will see Daniel Craig reprise his role as the iconic 007. Elba, 45, was rumored to be the next James Bond in 2014 following the hack into Sony Pictures' emails.