Bitcoin Bull, Tom Lee Believes that Bitcoin Has Surpassed the Bottom
In a report shared by Business Insider, it appears that many crypto admirers have been showing support during bitcoin’s current growing trends. With most of the price speculation associated with a possible bitcoin ETF approval, the giant’s value has increased by approximately USD$1000, in just a week. This trend is a new one, as 2018 has been known as a very slow, and demotivating year for the crypto market.
Fundstart’s Head of Research, Tom Lee voiced his opinion on bitcoin’s trends in an e-mail to Business Insider, in which the bitcoin fanatic strongly trusts that its downward trends will now remain in the past and still stands by his belief that the giant will easily reach USD$25,000.
Lee argued that many were complaining that the crypto market lacked volume, and pointed out that it is no longer the case, as its current stance experienced “massive jumps in volume”. To back up this point, it can be seen on CoinMarketCap that the volume has easily exceeded USD$20 billion on July 24 alone.
A representative from BitMEX supposedly shared with Business Insider that its crypto trading platform experienced exploding volumes of nearly USD$8 billion within a 24-hour timespan.
In a diagram that represents the daily exchange volume of CME Group’s bitcoin futures, it has been shown that the number of contracts in the month of July went from 4,000 to nearly 12,600 as of July 24, which is a 215 percent jump (excluding the fluctuations in between).
eToro’s analyst Mati Greenspan has also shared positive light on bitcoin, saying that its strong volume is representative of a more sustainable market.
Finally, Business Insider shared the perspectives of the Managing Director of SharesPost, Rohit Kulkarni, who like many crypto supporters believe that the news related to crypto ETFs is rising bitcoin’s price, and given that such products are approved of, then the crypto market is surely to expand, as it “could help to unlock interest among institutional investors”.
Do you think the U.S SEC will approve ETFs? Will the crypto market finally surpass its infancy stage?