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Bitcoin [BTC] dominance shows that the market is acting up to the recent news, says Tom Lee




Bitcoin [BTC] dominance shows that the market is acting up to the recent news, says Tom Lee
Source: Unsplash

On 7th August, Thomas Lee, the Managing Partner and Head of Research at Fundstrat said that the Bitcoin [BTC] dominance is showing that the market is acting to the recent announcements.

During the interview with CNBC Fast Money, Tom Lee also said that Bitcoin was the only game in the cryptocurrency market for a long time. In 2017, the coin had a dominance of 80% in the cryptocurrency market and during the same year, the dominance fell to 37% because of the rise in ICOs and new projects.

Lee said:

“Because last year, we had a lot of ICOs and a lot of new projects and people got very excited and I think a lot of folks thought, this is how the year would play out. The dominance would fall but Bitcoin dominance is actually been creeping up.”

Moreover, the Bitcoin [BTC] dominance went up to its highest value this year, i.e., 49% in the last couple of weeks. The reason for this is the recent announcements in the cryptocurrency market. This includes the Intercontinental Exchange platforms regarding the launch of the new cryptocurrency start-up, Bakkt and the potential of a Bitcoin ETF. Tom also stated that the SEC’s statement that Bitcoin is a commodity has also contributed to the increase in Bitcoin dominance.

He said that this is making the investors decide that Bitcoin is “the best house in the tough market”. So the Bitcoin dominance proves that the cryptocurrency market has been acting to what has been taking place.

Thomas further speaks about the Bitcoin [BTC] misery index. The low price of Bitcoin indicates that people are miserable and the high price indicates that people are in a euphoric state. He said:

“Below 27% means people are so miserable that historically Bitcoin does quite well and when it is high above 67%, it means people are euphoric and generally, thats the time to sell.”

According to him, at present, the Bitcoin misery index is at 37% and is going up. This means that the Bitcoin “isn’t broken” if it is holding at this level. He states that the investors fear that if Bitcoin falls back to $6000 then they would never get out of the bears market.

Tom further states that Bitcoin is much bigger and a “show me token” right now. He said that Bitcoin is dependant on the new fiat inflows and whether the Asian and the traditional investors want to buy the cryptocurrency.

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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.


Peter McCormack gets an updated letter from Craig Wright’s solicitors




Peter McCormack gets an updated letter from Craig Wright's solicitors
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Peter McCormack, the host of What Bitcoin Did, was one among the people sued by Craig Wright for “harassment and libel”. Wright’s legal attack began with Hodlonaut, a prominent Twitter personality and moved on to others in the crypto community. However, McCormack has received an update of the legal notice for this.

McCormack tweeted:

“The following is the latest letter from his solicitors of Craig Wright. Based on the copyright news yesterday, it is very clear their game plan. I have until Friday to make a decision. Not contesting this is an option but in no way will I read a statement in court as they want.”

The letter received stated:

“You did not acknowledge service, or serve any defence or admission, by Thursday’s deadline (16 May 2019). Our client is therefore entitled to apply under Part 12 of the CPR to request that an order for judgment in default be entered against you. In the event that he obatins such an order, our client will be entitled to apply to the court for (a) an assessment of the damages that you must pay to him, (b) an injunction, (c) an order permitting a statement to be read in open court.”

In addition, the letter also outlined that libel litigation would not be straightforward since McCormack does not have lawyers acting for him. Moreover, the letter added that “our client does not want you to be put under unnecessary pressure”.

McCormack replied to one of the comments:

“I might not contest it. Not sure I want to give him the satisfaction.”

Ran NeuNer, the host of CNBC’s Crypto Trader, commented:

“Bro, you came out guns blazing saying you would fight this until the end! You rallied all of Crypto twitter to get behind you in this. Now you considering not contesting it? Is this what they teach you in Bedford.🤣”

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