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Tom Lee: “Bitcoin Is The Best House In A Tough Neighborhood”

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Tom Lee, often regarded as Wall Street’s foremost Bitcoin permabull, recently made an appearance on CNBC “Fast Money” to outline why Bitcoin could still see further upside.

Market Dominance Reflects Bitcoin Bulls

On Monday afternoon, Tom Lee, the Head of Research at Fundstrat Global Advisors, highlighted the importance of Bitcoin’s dominance figure for CNBC viewers.

The analyst, who has become well-known for his cryptocurrency-related insight, brought attention to the Bitcoin’s historical command over the industry, with the asset holding an 80% (or more) market share value for the better part of ten years. The Fundstrat executive went on to note that altcoins have since seen positive price action, moving Bitcoin’s dominance to an all-time low at 37% in January as a direct result of ICOs and overly-ambitious projects.

It’s important to note that the big social media companies like Twitter have also done their part in spreading the word about cryptocurrencies. One of the things that had a negative impact, however, is the fact that scammers were taking advantage by displaying negative advertisement for scamming software. A good example of this was the social media giant Facebook, who was widely criticised in countries like the Netherlands for promoting make money systems suchlike the Bitcoin Trader.

While many expected Bitcoin to recede into obscurity as 2018 moved forward, Lee added that Bitcoin’s recent resurgence suggests that Bitcoin still holds the coveted position as the most reliable cryptocurrency investment. He elaborated, stating:

“Bitcoin’s dominance has been creeping up. In fact, in the last couple of weeks, it has soared to the highest level all year and it has hit about 48%. So it tells us that the news we have seen, from the SEC saying that Bitcoin is a commodity, to ICE’s announcement and a potential for a (Bitcoin) ETF, are causing investors to decide that Bitcoin is the best house in a tough neighborhood. So I think that Bitcoin dominance is actually showing that the market is reacting to what is good news.”

This Bitcoin-centric bull sentiment has become a common sight in the eyes of investors, with industry leaders like Galaxy Digital’s Mike Novogratz and Peter Smith of Blockchain both indicating that they see Bitcoin outperforming the market in the near future. Whether this sentiment is a result of the positive news surrounding Bitcoin-related products, or institutional affection specifically aimed at this asset, still remains to be seen.

“This (Decline) Is In-Line With Previous Bear Retracements”

Lee went on to bring attention to the so-called “Bitcoin Misery Index (BMI),” which aims to encapture what a “holder of Bitcoin would be feeling” at any point in time. The BMI indicator tends to be a contrarian indicator, added the analyst, with an under 27/100 rating often catalyzing a Bitcoin uptick, instead of a downtrend as some would rightfully assume. As it stands, the BMI sits at a comfortable rating of 39, which Lee went on to note that this should not be a bearish signal for investors. The Bitcoin bull declared:

“Bitcoin isn’t broken if it’s holding at these levels. I think people are afraid it is going to go back down to $6,000 and never come back from those bear markets.”

As pointed out by a Fast Money panelist, the cryptocurrency market is often subject to tri-yearly cycles with Bitcoin seeing declines of up to 90% before establishing new all-time highs. Taking these cycles into account, the panelist went on to query Lee on whether he sees 2018’s drawback as out of the ordinary in any matter. Responding as any Bitcoin bull would, Fundstrat’s Head of Research stated:

“I do think its in-line with previous sort-of bear retracements, Bitcoin is just much bigger now, so it is much more dependent on new fiat inflows… We have to think about how is someone either in Asia – because that’s where a lot of the new money comes from – or who’s a traditional investor going to feel willing to buy Bitcoin. I think that these announcements that we are seeing are actually positive, but in some ways, Bitcoin is a show-me token.”

Closing off his segment on the show, Tom Lee added that the cryptocurrency market is still in its early stages, likening this nascent industry to the internet in 1994. If cryptocurrencies reach internet-levels of adoption, as Lee fully expects, cryptocurrency wallets could be used by up to four billion people as this technology hits the mainstream.

Oddly enough, Lee made no mention of his controversial $25,000 price prediction during this Fast Money episode, so it remains to be seen if this prediction is still on his radar.

More information: https://www.aktienboard.com/nl/bitcoin-robot/bitcoin-trader/

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Claims That Former TRON CTO Was Sacked For Bribery & Theft Surface

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Earlier this month, the Chief Techincal Officer of TRON, Lucien Chen announced his departure from the project. He had been with TRON since 2017 and laid out a three-point explanation as to why TRON just isn’t TRON anymore.

Following the announcement by Chen, the TRON PR sprung into action and according to the representatives from the project, Chen was actually sacked from his position months ago because:

“Suspicion of misappropriation of funds, bribery, competitive infringement, and theft of trade secrets and intellectual property.”

The CEO and founder of TRON, Justin Sun lent validation to this claim by retweeting it and a Reddit thread came up which relayed this information to the community.

Giving his reasons for leaving, Chen said:

“The whole project has developed into a monetary tool without any “decentralize the web” spirit… The technology platform of TRON was built by me. I certainly know that the real Internet applications cannot function in TRON network at all currently. The TRON ecosystem is still far from commercial applications that users can really apply to.”

There are now claims that the former CTO was bribing people, misappropriately using funds, theft and so on. A post on Reddit claims:

“Chen, Zhu, and Xie were dismissed in January, 2019 for violation of corporate policies and the law. Relevant documents and materials have been handed over to the judiciary.”

News Source:Crypto Daily

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Living on Bitcoin Just Got Even Easier, AT&T Accept Crypto Payments With Bitpay

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Earlier today, US telecom giant AT&T proudly announced that it had become the first major American mobile carrier to accept crypto assets for the payment of bills. Customers will be able to settle their accounts using Bitcoin thanks to a deal with BitPay.

Although such developments are great for those earning in Bitcoin, for most people interested in the number one digital currency, the appeal will likely be limited. They therefore do not quite represent the holy grail’s of crypto adoption many portray them to be.

AT&T to Accept Bitcoin Payments Through BitPay

It’s getting easier than ever to live your life exclusively using digital currency. More and more online merchants are opening up to crypto assets in one way or another.

Many with a vested interest in digital currency were excited recently by the news that several large companies would be accepting Bitcoin payments – albeit in a round about way. Bitcoin users can now kit out their wardrobes at Nordstrom, shop for gaming supplies at GameStop, and even pay directly for their groceries at Whole Foods using their favourite digital currency.

This latter point got people particularly excited given that internet retail behemoth Amazon owns WholeFoods. Speculation is rife that Amazon itself could be next to accept Bitcoin via this convoluted method of using a payment processor to pay with a peer-to-peer currency.

You see, part of the recent wave of increased acceptance has been made possible by a deal between crypto exchange Gemini and a payments start-up called Flexa. Users actually pay using an application called Spedn. The merchants themselves don’t receive Bitcoin but they for very little investment they can look supportive of uber-trendy things like cryptocurrency.

The latest company to join the pseudo acceptance bandwagon is US mobile giant AT&T. It announcedvia a blog post earlier today that it would be using crypto payments processing company BitPay to receive payments from its customers online.

In the AT&T press release, Kevin McDorman, the vice president of the company’s business operations, stated of the move:

“We’re always looking for ways to improve and expand our services… We have customers who use cryptocurrency, and we are happy we can offer them a way to pay their bills with the method they prefer.”

Sure, It’s Great for Crypto USERS, Not so Much for Speculators

Just like the other recent announcements of so-called merchant acceptance, this is not really the bullish news that many have made it out to be. Since AT&T will be using BitPay to process payments, they will simply receive dollars as they always would have done. To get those dollars, the Bitcoin is immediately sold creating additional downside pressure on the price of Bitcoin. For those purely speculating, it should be realised that by using such services you are increasing the likelihood of dropping the price of Bitcoin. It will be truly exciting when a major retailers takes payment directly in Bitcoin themselves and goes on to finance the business itself using the crypto asset.

Of course, these stories of increased acceptance are great for those who get paid in Bitcoin and don’t want to have to deal with an exchange just to go about their daily routines. Having more options than ever to spend crypto directly at is certainly advantageous for those trying to live without fiat.

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Bitcoin [BTC] Going Above $7,950 will Start Another Breakout – Analyst

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Bitcoin has been in a slight pullback for a few days now and those who have been watching the charts during this time may be confused as to the direction Bitcoin, and indeed the whole market is going next. A cryptocurrency trader known as DonAlt on Twitter has given some light on the market. He said the lead currency will see some light if it manages to rise to $7,950 from the current $7,842 price.

Bitcoin market chart from TradingView

When will this happen?

Bitcoin grew really fast especially in May, rising way above $8,000 and the crypto community expected a move towards $10,000. However, the market started pulling back in what seemed to be a crash, but analysts said was normal. At the time, the cryptocurrency was said to be growing too fast and needed to correct again before rising at a slower pace.

This seems to agree with DonAlt’s position as the cryptocurrency has eventually corrected but its growth has become significantly slower than before. Another analyst Josh Rager says the asset will be consolidating this week and great volatility should be expected on Friday, May 31st. This may eventually lead to a climb to DonAlt’s critical $7,950 price and the long-awaited recovery above $8,000 again.

 

A long-awaited rise

The initial price rise evidently raised the expectations of the crypto community and many Bitcoin holders cannot wait for the price to go up again. Not only that, altcoins were expected to rise with Bitcoin’s pullback but the current one has held down even the alts. The rise of Bitcoin is currently probably the only hope for the market and the entire space is looking forward to it.

-News Source

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