There is no doubt that Bitcoin is in the latest cryptocurrency news as the most dominant coin. Since the beginning of this month, BTC has almost doubled and Tom Lee thinks that the recent rallies prove that the crypto winter is finally over. As the ice appears to have melted, many industry analysts are convinced that it is now definitely over.
The Fundstrat Global Advisors’ Bitcoin bull Thomas Lee was featured on many best cryptocurrency news sites after tweeting his thirteen reasons why the crypto winter is now over. Tom Lee also stated what he described as a ‘disturbing pullback to $6,200’ and how the return to $8,000 for Bitcoin was confirmation that the trend is intact.
While some of the reasons that Lee shared have more weight than others, he also said that the Bitcoin Cash was has had a lot of effect on the Bitcoin price over the winter. Next, he observed Grayscale’s Bitcoin Trust which NAV premium fell to 5% in 2017 but has since surged by 41%.
Over the counter volumes (OTC) have also started surging and a lot of brokers are reporting new client activity which shows a 60% to 70% more positive activity compared to levels from four months ago. There was also speculation that US President Trump’s escalated trade war with China spurred buyers into loading up on Bitcoin as a safe store of value.
Tom Lee believes that the ‘golden cross’ in late April was a major technical indicator that the trend has reversed. The altcoin news showed a positive action too – following the Binance hack which confirmed major confidence in crypto markets. Finally, this month’s Consensys crypto conference proved that the crypto winter is over – as Tom Lee said.
After a disturbing pullback to ~$6,200, #Bitcoin back >$8,000 further cementing positive trend intact.
As we said a few weeks ago, Consensus 2019 @coindesk was to prove whether crypto winter is over…
— Thomas Lee (@fundstrat) May 19, 2019
While referencing to the past week performance and the massive candle with surges of 13% and upwards (for Bitcoin alone), Tom Lee also added:
“Hell of a bullish weekly close on #Bitcoin with near record breaking volume, solidifying the strength and validity of this rally.”
Right now, Bitcoin looks like it is retracing below $8,000. However, this may be a short correction before a new upswing. Its dominance now sits at 57% and the total market cap is $244 billion.
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Brokerage Giant TP ICAP Opens Its Doors To Bitcoin Trading
“We want to be close to what’s happening within this nascent asset class because we believe it’s important to invest in the early stages of a growing market.”The brokerage giant TP ICAP hopes that the new bitcoin trading option will attract the new clients’ money and will diversify its offering. The company which operates as an intermediary to financial, commodity and energy markets has seen a slight slump in revenue since the 2008 meltdown. Brokerage companies like ICAP mainly make trades for its banking partners but the volumes show that the company was forced to issue a profit warning in 2018. The initiative will be conducted from London by Duncan Trenholme and Simon Forster who have plans to expand in the United States and in Asia. The ICAP services will provide derivatives trading but they won’t turn their eyes from the option to hold digital assets directly in the future. Forster admitted that the number one cryptocurrency poses a threat to traditional assets so the finance executives can’t really afford to stand on the sidelines:
“TP ICAP also understands that this technology could disrupt or impact other asset classes where we currently operate, so we feel it’s important to be informed.”The traditional finance firms are slowly getting into crypto as well. At the start of the year, Fidelity launched bitcoin custody services for their clients. The multi-million asset management company will also facilitate bitcoin trading in the upcoming months. Also as noted in some of the best cryptocurrency news sites, the Intercontinental Exchange (ICE), which is the parent company of the New York Stock Exchange is preparing to launch Bakkt which is a physically-settled bitcoin futures and custody offering. In the meantime, Nasdaq will launch its own platform for bitcoin derivatives in 2019.
Bitcoin Ignores Correction Calls: Where Is BTC Headed?
“$BTC – found resistance right at the lower cloud and has opened the weekly candle inside the cloud. This represents the highest time frame that #bitcoin has breached into the cloud…with resistance at just above $10K…”An analyst named Chonis Trading then took to Twitter with the following statement: https://twitter.com/BigChonis/status/1140410183665049603 He also added:
“One more step up the mountain as #bitcoin hits right at the 38.2% fib resistance making it the next target for the bulls to close over and also makes maintaining the 23.6 fib support that much more important for overall continuation…”As Bitcoin ignores correction calls, many believe that the $10,000 mark could be achieved very soon.
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