JPMorgan Pushes Its S&P 500 Prediction Above That of Stock Market Bull Tom Lee

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JPMorgan Pushes Its S&P 500 Prediction Above That of Stock Market Bull Tom Lee
JPMorgan expanded its S&P 500 prediction which now stands at 3,200 from initial 3,000. The new target exceeds that of popular stock market bull and Fundstrat co-founder Thomas Lee who initially set the 3, 125 level.
JPMorgan Pushes Its S&P 500 Prediction Above That of Stock Market Bull Tom Lee

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Source: CoinSpeaker

Future of crypto-assets will be prosperous, with or without Libra

It has been yet another eventful week for “magic internet money.” Bitcoin, which leads the cryptocurrency bandwagon in the financial market, has been in the headlines recently owing to two key comments. First, it was the Chairman of the Federal Reserve talking about it as an alternative to Gold. Second, it was the President of […]
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Source: AMB Crypto

Bitcoin Smashes Past $13,000: What Fundstrat Says is Behind BTC’s Strength

Last week, Bitcoin was nursing a heavy hangover, which took hold of the cryptocurrency market after BTC hit and failed to break through $13,800. BTC was in the dumps, having lost 30% from its year-to-date high, and altcoins were doing even worse, with assets like Ethereum and Litecoin bleeding against the market leader.
Also Read: Italian Paper Labels Bitcoin a “Ponzi Scheme” as Euro on Verge of Recession
But, bulls have managed to regain control of the digital asset market, commencing a strong (re)rally that began last week. Now, Bitcoin has hit $13,000 yet again — and looks stronger, both technically and fundamentally, than it did last time.
Here’s what is driving Bitcoin and will continue to be a bullish catalyst in the future, according to Fundstrat Global Advisors anyway.

Fundstrat Global Advisors' Thomas Lee shares his take on Bitcoin's rally pic.twitter.com/bQ0nIFssSW
— Power Lunch (@PowerLunch) July 9, 2019

Bitcoin is Caviar For Hedge Funds
Speaking to CNBC’s “Power Lunch” panel, Tom Lee of Fundstrat laid out three primary reasons why Bitcoin has and could continue to see growth.
First off, Lee explains that Bitcoin is becoming increasingly attractive to institutions, especially hedge funds, many of which are underperforming key indices due to their risk-averse nature.
The staunch cryptocurrency bull points out that if a fund added 2% of BTC at the start of the year, their portfolio would already be up 400 basis points. This, in the current economy, is “caviar for hedge funds”, according to Lee.
What’s interesting is that hedge funds are reported to be behind this rally. Per previous reports from NewsBTC, a report from FN London explained the following on the matter of BTC rallying and outperforming altcoins:
“Macro managers and high net worth individuals are generally, in my experience, focused almost entirely on Bitcoin.”
There is still a ways to go. For some perspective, Winton, a British investment management firm, estimates that hedge funds worldwide hold a minimum of $3 trillion in assets. The entire value of the cryptocurrency asset class is around 10% of that.
Insurance Against Macroeconomic, Fiscal Risk
Secondly, Bitcoin is increasingly finding value and proving itself as a hedge against macroeconomic and fiscal risk. You’ve already seen that in Hong Kong, where LocalBitcoins volume has spiked and local exchanges have registered premiums due to the protests against the government.
In Turkey, BTC has already hit new all-time highs against the Turkish Lira because of hyperinflation and a need for money that is relatively sound.
And, Bitcoin is being widely acknowledged as a hedge by notable mainstream media personalities, Silicon Valley/Wall Street investors, and economists.
Facebook has Validated Crypto
And lastly, Facebook has ensured the survival of the crypto industry with Libra. And, more importantly, the launch of the corporate, Silicon Valley coin should be a boon for Bitcoin.
Libra further validates the idea that digital money is a viable technology, building on the work of Bitcoin, Ethereum, and even ventures like JP Morgan Coin. Few consumers have actually adopted cryptocurrency, despite the fact that it occupies the front pages of newspapers and headlines of digital outlets across the globe.
Per a survey conducted by Blockchain Capital, 9% of Americans aged 18 to 65+ owned Bitcoin — far from “mass adoption.” And it’s possible that 9% is too high. But this all changes with Libra, because by simple virtue of network effects and the curiosity of individuals, they will find their way to Bitcoin.
At least a fraction of its users will “stumble across Bitcoin,” as BlockTower’s Ari Paul put it. From there, these users, armed with knowledge of Libra’s benefits and shortcomings, will likely begin to get involved with Bitcoin, creating a capital inflow and a boost to the asset’s network effects. Even if a conservative 5% of Facebook’s active user base finds its way to Bitcoin, the size of the cryptocurrency community will easily grow dramatically.
With all this in mind, Lee concluded that “new all-time highs” for Bitcoin could very well be “imminent”. This latest bullish statement comes shortly after he told Binance’s chief financial officer, Wei Zhou, that once BTC breaks past $10,000, he would be inclined to suggest that a “fast and furious” move to $20,000 and then a further leg up to $40,000 is possible.
Related Reading: Crypto Analyst: Bitcoin (BTC) Dominance May Reach 80%, Altcoins Expected to Bleed
Featured Image from Shutterstock
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Bitcoin’s Fourth Parabolic Rise in a Decade, Analysts See Low Liquidity and High Volatility

In the past ten years, the market capitalization of Bitcoin [BTC] has risen from about $70 billion in April to $200 billion in just about three months. The rise has been mostly attributed to increasing institutional interest and Facebook’s cryptocurrency announcement, which seems to have validated the cryptocurrency markets, especially Bitcoin.
Furthermore, Bitcoin is the only cryptocurrency in the market that has become popular with institutions in financial services. The numerous altcoins are taking huge losses at the moment while it has enjoyed positive momentum. Moreover, the volatility in Bitcoin is still very high, which was witnessed prominently is the last few days. On Bitcoin’s ‘thin volatility,’ he noted,

“Volatility is by design as far as Bitcoin is concerned. 17 million Bitcoin have been mined until now, of those I would estimate that only about 30% are being activated and up for grabs.”

Bitcoin [BTC] rose from $11,000 to $13,800 and then back to 11,000 in less than 48 hours. The yearly rise in Bitcoin now is being described as a part of another cycle in Bitcoin. This is the fourth parabolic phase that Bitcoin has witnessed in the last ten years.
“I hope it is like 2017, 2017 was a fantastic year for Bitcoin so was 2013 and 2011. Bitcoin goes through these types of cycles of massive surges and massive pullbacks Massive pullbacks as well. “
Also Read: Bitcoin [BTC] Price Targets Turn Bearish, Analysts Weigh-in on the Sudden Movements
Bitcoin bullish Cycles in the Past 8 Years
Mati also noted the growth of the network since the start of 2019, where Bitcoin is witnessing 4-4.5 transactions per second. This was previously recorded for a short period during the 2017 frenzy. The Exchange volume and Bitcoin futures trading volume has also increased considerably.
Bitcoin [BTC] Futures Volume Spike (Souce: CME)Hence, for traders, cautioned must be taken at the moment because Bitcoin is facing a lot of heat. Thomas Lee, Partner, and Co-Founder of fundstrat, talked also talked about the volatility. He tweeted,
“reminder, Bitcoin is a hypervolatile asset. This is great for volatility and other dedicated traders. For most, taking a long-term view is more appropriate”
Mati also noted that we’ve entered the summer taking a lot of heat in the market with us. He said, “It’s very hot right now.” Therefore, upside towards new ATH, consolidation, or an even a deeper pullback; anything is possible.
Where do you think the market is headed next? What is your trading strategy? Please share your views with us. 

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Source: CoinGape

Despite convertibility issues, Facebook’s Libra will be a dominant stablecoin, opines Thomas Lee

Thomas Lee, Head of Research at Fundstrat Global, spoke to CNBC about Facebook’s Libra Blockchain. He also opined on how it would affect the cryptocurrency space, especially Bitcoin, stablecoins, and the field of decentralized finance. Lee said that Facebook’s announcement was a “complete validation” of the fact that institutional eyes had shifted to cryptocurrency, contradicting […]
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Source: AMB Crypto

Preparations Have Started for the Largest Cryptocurrency Conference of the Region – Blockchain Economy 2020!

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Preparations Have Started for the Largest Cryptocurrency Conference of the Region – Blockchain Economy 2020!
Don’t miss out: Istanbul will be a host to the second largest cryptocurrency conference in February 2020.
Preparations Have Started for the Largest Cryptocurrency Conference of the Region – Blockchain Economy 2020!

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Source: CoinSpeaker

Analysts Predict $10000 Bitcoin [BTC] Might Be Imminent as it Keeps Resisting Bears

Bitcoin pulled back to $8000 briefly after touching the $9000 mark. The movement began with a swift move up and then the break downwards. However, the price found support near $8300 instantly as well. $8300 was the earlier break-away point for Bitcoin.
BTC/USD 4-Hour chart on Bitstamp (TradingView)
Furthermore, Bitcoin [BTC] broke above $8550 on the following day as well, which signified fierce resistance to the bears and bull looking to ‘buy the dip.’ Vinny Lingham, chart analyst and traders tweeted:
This BTC action looks aggressive. Makes me think that we may blow through $10k and test $12k very soon, but $12k is a very heavy resistance level, so I would expect consolidation around the $10k level for some time if $12k is (likely) rejected.
As cited by Tom Lee, a break $10k would create a lot of FOMO among people as it would revive hope of Bitcoin [BTC] exceeding past its previous All-Time High near $20000.
The resilience shown by Bitcoin [BTC] has turned most traders bullish again. As Peter Brandt, chart analyst and trader tweeted:

$BTC appears to be stabilizing after the 12% break on Thursday. I am willing to dip by toes back in the water.

BTC/USD Chart Analysis (Source)
The target, according to Brandt’s analysis, is rather conservative than Lingham’s. He set his first target at $9321.62, followed by $10615.80.

Also Read: Crypto-Market Update: Bitcoin [BTC] Back Above $8500; ETH, XRP, LTC & EOS Lead Gains

Since, the beginning of the month, the sentiment around Bitcoin has been steady with predictions reaching as far as $8 million per BTC. Moreover, the price action also seems to suggest that the demand for Bitcoin [BTC] is big dips are being bought almost instantly.
Traders who were predicting a bearish movement in the last above $7000 and $8000 would rush in to buy if further pullback occurs. Nevertheless, the fundamentals around Bitcoin hasn’t changed much in the past month, and the scalability issue around Bitcoin is still a limiting factor. Hence, a more extended period of accumulation is just as likely.
Do you think that the price will touch $20000 again in 2019? Please share your views with us. 

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Source: CoinGape

Bitcoin May be up 14.9% But Tom Lee Expects “Real FOMO” after $10,000

BTC is steady above $8,500, add 14.9 percent
Prices in an uptrend but real FOMO is after $10,000 says Tom Lee

Tom Lee is an ardent Bitcoin supporter. Contrary to the mainstream view, he believes real FOMO for BTC will begin after prices rally past the psychological $10,000 mark. Currently, BTC is up 14.9 percent from last week’s close.
Bitcoin Price Analysis
Fundamentals
A healthy blend of growing awareness, coupled with the involvement of industry heavyweights and improving infrastructure, is somehow giving Bitcoin momentum. At some point this week, there was an expected reversal from the $9,000 mark. That is normal. Prices do expand and shrink, depending on supply and demand dynamics.
However, it is about the resilience of buyers. How they will maintain demand, and keep prices above key supports is what counts. After all, demand is a measure of participation. Although we cannot refute that buyers are back as trading volumes surge, Fundstrat Global Head Analyst Tom Lee is calling for patience.
While responding to a tweet from Financial Times’ Adam Samson, he said the real FOMO trigger is when BTC break above the $10,000 psychological mark. To him, that’s when BTC will edge past “level 10 FOMO.” The level is from Fundstrat’s study that compartmentalizes the level of BTC investor involvement from 1 to 10.

At what price will see FOMO from those who gloated about 90% crash in $BTC?
Military term, SWAG (scientific wild-assed guess).
My SWAG is $10,000 is price that causes FOMO from those who saw #bitcoin as dead forever.
POLL: At what price do we see FOMO?
— Thomas Lee (@fundstrat) May 12, 2019

Per Tom Lee’s calculations, that is when “a price level only seen 3 percent of all days [and] mathematically equivalent to exceeding $BTC $4,500 in 2017.”

Actually the point of the chart is to say “real FOMO” probably starts when #bitcoin exceeds $10,000 as that is a price level only seen 3% of all days…
…mathematically equivalent to exceeding $BTC $4,500 in 2017
Looking back, that price was a level that indeed triggered FOMO
— Thomas Lee (@fundstrat) May 29, 2019

Candlestick Arrangement

Stable above $8,500, BTC is in an uptrend. At the time of writing, the world’s most valuable digital asset is shrugging off sellers. It is up 14.9 percent from week to date, thereby affirming the presence of optimistic buyers.
In line with previous BTC/USD price analyses, traders should search for loading opportunities on dips. Modest targets lie at $9,000, which is this week’s high. However, any clearance could see BTC surge to $10,000 or higher by the end of Q3 2019.
Technically, BTC is within a breakout pattern and although in consolidation within May 26th trade range, rejection of lower prices hints of underlying demand.
In that case, risk-averse traders can wait for close above $9,000 at the back of high trading volumes exceeding recent averages.
Technical Indicator
Because of candlestick arrangement, May 26th bull bar anchors this BTC trade plan. Safe the low trading volumes, it is wide-ranging, and probably is laying the foundation that could see prices expand beyond $9,000.
In a similar fashion, the conservative traders, as aforementioned, can only initiate longs if accompanying trading volumes propelling BTC above $9,000 exceeds 19k.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
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BitMEX CEO Says Bull Market is Real but Bitcoin Will Dip Below $7k First

The CEO and Co-Founder of BitMEX Arthur Hayes say the bull market for Bitcoin is real, despite the current stagnation under $8,000. He said Bitcoin may have to dip below $7,000 before a bounce back to $8,000 will be experienced and then Bitcoin will go higher from there.
Tom Lee agrees
Fundstrat’s head of research Tom Lee has confirmed several times that the Bull market was on. He is still of the opinion that the crypto winter is over and that a bull run is close. He said the Arthur Hayes knows what he is saying because
“Exchanges have insights into the positioning and behavior of crypto investors, and @BitMEXdotcom large trading share + popularity with leveraged traders means @CryptoHayes REALLY knows…. He further added that he is sure the crypto winter is over because Hayes affirms it.
Lee is among the top Bitcoin bulls in the industry with his bullish sentiments based on data research rather than just speculation. As head of Research at Fundstrat, he has used many indicators such as the Bitcoin Misery Index (BMI) to prove that the Bitcoin is soon to experience a bull run.
Also read: JP Morgan Confirms Bitcoin Price Surge Mimics 2017 Bull Run
When will this be?
According to the BitMEX CEO, Bitcoin will have to dip below $7,000 “for a few days.” Bitcoin is currently trading at $7,896. This means it might take some time before the asset goes below $7k, though the market can move faster than anticipated at times. If the market does dip below $7k, it may be the opportunity some have been waiting for to buy and become a part of the bull run. From there, Hayes sees Bitcoin bouncing right back above $8k and the rest is unpredictable.
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Source: CoinGape

Bitcoin is ‘Digital Gold’, A Fact Now Echoing Across the Financial Investment Industry

Bitcoin’s massive gain this year has again brought the innovative asset in the purview of mainstream media. The news of Bitcoin’s price breaking $8000 with more than 100% gains has had many financial experts weighing in on it.
Moreover, Bitcoin is not an entirely unregulated asset as it was in 2017, Bitcoin Futures contracts are being actively traded on CME and other Exchanges all around the world. Reportedly, the daily volume of trading on Bitcoin Futures on CME is above $1 billion.
Mike Novogratz, a Bitcoin perma-bull reiterated the ‘digital gold’ case for Bitcoin in a recent CNBC interview. He said,
“Bitcoin has really won store of value ‘digital gold.’ Gold has an $8.5 trillion market cap. Bitcoin has about $130 billion… got a long room to go.”
Bitcoin’s Total Market Capitalization This Year (Coin360)
Bitcoin’s correlation with other cryptocurrencies might be the only thing that adds burden to its price, currently. The total dominance of Bitcoin over the cryptocurrency markets is around 60%. Mike also emphasized on the growing credibility of Bitcoin in the FinTech industry. Microsoft recently announced an identity tool on the Bitcoin blockchain which established the authority of Bitcoin over other cryptocurrencies.  He said,
“Microsoft and Facebook are One of the biggest companies in the world ‘credentializing’ Bitcoin.” He added, “I think when you look back at 2017. One of the problems was everything was else was trying to bitcoin… Instead of 21 million bitcoins, we had a zillion of them. And that’s how the price collapsed… Bitcoin has become a social construct.”
Furthermore, currently, Bitcoin is at around 40% of its all-time high, and it’s market dominance it approximately 60%. If the momentum continues, Bitcoin could soon be looking at a healthy dominance which will open space for successful projects to grow and prosper.
Meltem Demirors, Founder at Coinshares and an analyst, also reiterated the same fact in a separate interview with CNBC fast money. According to her, Microsoft building a product on it and other institutional platforms entering the space are all positive signals for Bitcoin. She pointed out that,
“This years’ narrative is Bitcoin, Bitcoin, and Bitcoin. Its the largest crypto by market cap. Its the asset people know best, and most importantly, Bitcoin has the most secure network.”
She also listed all her reasons which build a strong positive case for Bitcoin in this Twitter thread. Tom Lee, the Co-Founder at Funstrat Global, also emphasized on the same facts in another update from the CNBC futures market. He said,
“Bitcoin’s been rising pretty steadily that that recently looked parabolic. We’ve got the largest crypto-conference in NewYork this week. This year we’re seeing it bringing quality because we don’t have much scams and ICOs… Bitcoin is the epic digital gold.”
Also Read: Bitcoin Intrinsic Value Debate: Anthony ‘Pomp’ Vs Shark Tank’s Kevin O’Leary
Tom Lee also suggested that Bitcoin could soon retest its all-time high near $20,000. Apart from these more popularly known crypto-traders, Oz Pearlman also bet big on Bitcoin saying it could reach $12000 by January next year.
Do you think as well that Bitcoin is a better replacement for gold or it is just hype? Please share your views with us. 
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Source: CoinGape

Bitcoin’s [BTC] parabolic price rally was buoyed by Consensus 2019, claims Fundstrat’s Lee

Bitcoin [BTC] is riding a bull wave unlike anything else, already recording a 10-month high. With the upswing not looking to slow down anytime soon, several factors have contributed to this rise. If these factors sustain themselves, the king coin could be in the green for a long time.
One factor that is speculated to have contributed to this rise is the ongoing Consensus 2019 Conference in New York. This was suggested so by Fundstrat’s Head of Research, Tom Lee. Given the exhaustive nature of this catalyst, can one conference attended by the who’s who of cryptocurrency and blockchain have such a buoyant effect on the price of Bitcoin and the collective market?
Lee tweeted,
“Definitely think @coindesk #consensus2019 is a major factor (not only) for recent parabolic bitcoin move, especially considering higher overall quality of attendees at the largest crypto conference”
Source: Trading View
Consensus 2019 began on May 13 at exactly 0700 ET, when Bitcoin was trading at just under $7,100. However, in just 10 hours, the price shot up by 13.77 percent to reach $8,045. The latter price point was realized at 1900 ET, just one hour after the conclusion of Day 1. Interestingly, after Day 1 was wrapped up, Bitcoin dropped to $7,700. However, it has since recovered to go above $8,000, at press time.
Based on the price chart, there is truth to Lee’s speculation. However, causation cannot be implied by looking at just one isolated case. Hence, it is deemed necessary to chart Bitcoin price correlation to previous Consensus conferences.
Consensus 2018:
Source: Trading View
The Coindesk conference for 2018 was held between May 14 and 16, while the market was reeling under the bears of the early-crypto winter. Despite the decline from well over $15,000 to below $8,300 at the beginning of May, Consensus did play its bullish role in 2018 as well. On May 14, Bitcoin rose from $8,413 to $8,855 within less than 8 hours, sustaining $8,500 till the close of the conference. However, come the end of the week, Bitcoin almost fell below $8,000 owing to correction.
Consensus 2017:
Source: CoinMarketCap
Going back to 2017 prior to the $20,000 peak and the lack of mobilization of the cryptocurrency market, the price effect remains the same. Consensus 2017 was held on May 22-24 and a week prior to the same, Bitcoin began to pump, just as it did last week.
On May 13, BTC price was $1,700 and rose by a whopping 58 percent to reach $2,700 by May 24. However, a price cliff was seen soon after, with Bitcoin dropping below $2,000 a day after the conference.
In both cases, the price rose before and during the Consensus conference, but experienced a non-drastic correction immediately after. Given how the market has rallied prior to the recent conference, a sustained rise is on the cards for the past two days, followed by a correction. Although, market conditions during the past conferences have all been starkly different, some correlation can be gathered. However, a single threat of causation cannot be inferred.
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Source: AMB Crypto

$10,000 Bitcoin Price Key Level To Trigger Widespread Public FOMO

Bitcoin and its recent parabolic run has everyone across the crypto market in shock and awe as the first ever cryptocurrency smashes through each powerful psychological resistance level with relative ease.
It’s clear there’s FOMO – the fear of missing out – in the air, as crypto traders and investors who were waiting to buy Bitcoin back lower than $3,150 are coming to the difficult realization that they missed their chance and are stuck buying Bitcoin back at increasingly higher prices. But it’s at the important psychological price level of $10,000 when the FOMO will spread into the public who watched the cryptocurrency bubble pop and who have since written Bitcoin off as a fad or dead.
$10,000 Bitcoin Is Catalyst for Widespread Public FOMO
An early April rally that sent the price of Bitcoin skyrocketing over $1,000 in nearly an hour was the initial spark that signaled the end of the bear market and that the bottom was now in. As more and more crypto traders and investors who were once sidelined awaiting even lower prices to accumulate at, they’re now having to face the hard truth that they missed their chance to buy Bitcoin cheaper, and are now forced to buy Bitcoin above $7,000 as the price of the cryptocurrency is currently flirting with $7,800.
After the break of $4,200, many had been waiting the expected pullback or retest, but a significant retracement has still yet to happen. Even after the worst Tether FUD to hit the crypto community and a hack of the world’s most popular cryptocurrency exchange, Bitcoin has barely backed up to take a breather, let alone face any substantial downside.
Related Reading | Bullish: Crypto Community In Shock Over Recent Bitcoin Price Resilience
As the market wakes up and realizes that the bull run could be back, a strong sense of FOMO has spread across the cryptosphere. But what has been seen so far will pale in comparison to a break of $10,000, which some believe is the important psychological price point that’ll cause the rest of the world outside of the crypto market to take notice of the leading cryptocurrency by market cap once again.

At what price will see FOMO from those who gloated about 90% crash in $BTC?
Military term, SWAG (scientific wild-assed guess).
My SWAG is $10,000 is price that causes FOMO from those who saw #bitcoin as dead forever.
POLL: At what price do we see FOMO?
— Thomas Lee (@fundstrat) May 12, 2019

Fundstrat co-founder Tom Lee also believes that $10,000 is the price point at which we will see “FOMO” from those who “gloated” about Bitcoin’s near 90% crash from all-time high and those who pronounced the cryptocurrency “dead forever.” At the break of $10,000, the public will fear that Bitcoin will rise to $20,000 yet again leaving behind those who acted too late to invest in the emerging asset.
Related Reading | Is The Bottom In? Bitcoin Price (BTC) Has More Than Doubled Since Bear Market Low
An accompanying Twitter poll also shows that most of Twitter agrees that $10,000 is the real FOMO trigger for the general public.
The last time Bitcoin broke $10,000 was around Thanksgiving 2017, and within a month, the price of Bitcoin doubled to its all-time high at around $20,000. After the break of the parabolic advance, Bitcoin fell over 85% to its eventual bottom at $3,150, before rallying to current prices.
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Bitcoin Price Jumps to $7,500 Proving the Only Way Is Up

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Bitcoin Price Jumps to $7,500 Proving the Only Way Is Up
Bitcoin price rallied significantly above $6,800 and $7,000 against the US Dollar. BTC seems to be following a nasty uptrend and analysts claim that it could even test $7,800 or $8,000 in the coming sessions.
Bitcoin Price Jumps to $7,500 Proving the Only Way Is Up

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Source: CoinSpeaker

Bitcoin [BTC]: Over 50% of BTC ETF volume will be institutional investors, claims Fundstrat’s Thomas Lee

With a week left to go for the Bitcoin [BTC] ETF to be tabled before the US Securities and Exchange Commission [SEC] once again, several analysts are throwing their hat into the prediction ring. Many analysts have in fact predicted that institutions will lead the charge and buoy the market.
Thomas Lee, Head of Research at Fundstrat Global, is of this opinion. In a recent tweet, Lee predicted that a majority of the volume that the ETF will bring in will be institutional investors, including hedge funds. He added that despite what the market suggests, the ETF “is not necessarily a retail product.”
A publicly traded Bitcoin product such as an ETF will spur a new channel for BTC investments. Hence, Lee suggests that this would be “a big deal” for the collective market. The researcher added that on the retail front, this would “simplify key management.”
His tweet, in full, read,
“I believe >50% of ETF volume is institutional investors (HF, etc) so it is not necessarily a retail product. And similarly, a bitcoin ETF would be a big deal. Especially since it does simplify key management for a retail investor”
Lee’s tweet was in response to Bloomberg’s Joe Weisenthal questioning the motives of the Bitcoin ETF. Weisenthal suggested that the ETF will simply ease the process of buying Bitcoin. Hence, the ETF will serve the same purpose as a Microsoft Corporation [MSFT] ETF, he argued.
Institutional investors have been riding high on Bitcoin’s recent successes, with CME futures experiencing massive growth and Grayscale’s #DropGold campaign in full swing. Further, a recent piece of research by Binance pegged Bitcoin to be the most successful asset in 2019.
Despite the community anticipating the SEC’s decision on May 16, many suspect another delay, rather than a clear-cut yes-or-no decision. The final deadline for the two ETF proposals before the SEC are October 13 and October 18.
Interestingly, to answer Weisenthal’s concerns about the ETF, Gabor Gurbacs, Director of Digital Assets Strategy with VanEck, one of the ETF applicants, replied,
“Additional potential ETF benefits:
– automatic dividend reinvestment
– potentially lower cap gains tax via in kind transactions
– additional liquidity via the AP system
– protections of security status, laws and regulations (1933/1940 Act)
– improved pricing+management standards”
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Source: AMB Crypto

Cryptocurrency market holding strong post Bitfinex-Tether fiasco is proof of crypto-winter’s end, claims Tom Lee

With the close of April, the cryptocurrency community can look back at one of the most tumultuous and exciting months in recent memory. From Bitcoin’s ascendance over $5,000 to the Bitfinex-Tether fiasco, April was a busy month for the cryptoverse. And according to many analysts, the market’s behaviour over the ensuing episodes is yet another sign of the crypto-winter’s departure.
Thomas Lee, Head of research at Fundstrat Global Advisors, is of this opinion. He backed the market’s ability to hold on to its high, despite the New York Attorney General’s report suggesting that Bitfinex borrowed over $700 million from their USDT reserves to cover up its undisclosed losses.
In a recent series of tweets, the heard researcher suggested that if this news broke out in “mid- to late-2018,” the crypto market would have fallen owing to “panic liquidations.” The “relative calm” in the overall market is a sign of the end of the crypto winter, he added.
His tweet read,
“If this tether #USD $USDT story broke in mid- to late-2018, the crypto market would probably seen panic liquidations across the board
Another sign crypto winter is ending? The fact that relative calm in crypto market despite tether news? @bitfinex @Bitfinexed”
However, Lee cautioned that a week’s holding behaviour wasn’t substantial evidence of a bullish swing. If  “this is still the case 2 weeks from now,” it would be another indication of the crypto-winter’s exit, he added.
The Bitcoin bull concluded his tweet by reaffirming his belief in the importance of the top cryptocurrency. Lee’s praise for Bitcoin does not fall far from the coin’s performance. In this month alone, the king coin managed to increase its market dominance from the cusp of majority to 54.2 percent, at press time.
Lee even responded to comments ridiculing the Tether news, comparing its lack of complete one for one backing to the top fiat currency in the market, the US dollar. Lee responded by taking a shot at the traditional financial sector, stating,
“The USD is an IOU anyways.”
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Source: AMB Crypto