Despite the decline of Bitcoin in the last two weeks, Wall Street bull Tom Lee says that cryptocurrency is gradually gaining market share.
SEC saying… [Exchange Traded Fund] is likely to cause investors to decide that “Bitcoin is the best house in the tough market,” Lee, who has been told on CNBC’s “Fast Money”. He is mentioning to US Securities and Exchange Commission.
Bitcoin has been on the slide at the nearest bottom since the fall of 19,000 dollars in December. At the end of June, it fell below $ 6,000- it’s a minimum value for this year. Cryptocurrency assembled in July, with the reach of $ 8,400 in recent days before falling to nearly $ 7,000.
Lee said that the bitcoin is not broken if it is holding at these levels. I think people are scared that it is going back to $ 6,000 and those bear markets will never return.
SEC leaders have publicly labelled Bitcoin as a commodity and in June it has been clarified that cryptocurrencies will not be treated like securities. Intercontinental Exchange on Friday announced a partnership with major companies including Starbucks and Microsoft, whose aim is to create an open and regulated digital asset ecosystem. Crypto Bull says that this development can help to make bitcoin valid.
At the beginning of 2017, Bitcoin claimed about 80 percent of the total cryptocurrency market. Almost a year later, by January, Bitcoin’s market share has dropped to just 36 percent. However, it went on crawling for the rest of the year.