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Bitcoin [BTC]’s price stability is quite surprising, says Fundstrat’s Tom Lee; comments comes after bearish drop

Akash Anand



Bitcoin [BTC]'s price stability is quite surprising, says Fundstrat's Tom Lee; comments comes after bearish drop
Source: Unsplash

In a recent interview, Bitcoin [BTC] bull Tom Lee spoke about the cryptocurrency scenario right now and Bitcoin’s predicted behavior and price movement.

Speaking to CNBC, Lee, the Head of Research at Fundstrat, stated that he was pleasantly surprised by the stability of the cryptocurrency market and added that Bitcoin has reached its bottom. The financial analysts had made news earlier when he stated that the value of Bitcoin would break December 2017’s record and shoot up to an all-time high of $25,000. He said:

“Hitting 20k shouldn’t be a problem for Bitcoin looking at all the facts right now. The cryptocurrency is still in its nascent stages and the 50 million cryptocurrency wallets that exist right now are contributing to most of it. With the industry steadily growing, the number of wallets is obviously going to rise which will play a hand in the prices shooting up.”

During the interview, Lee went on to say that Bitcoin has been a low volume instrument which has beaten the market expectations of the emerging markets as well. The Fundstrat official also stated:

“ The relative performance of Bitcoin has been really good even though the EM stocks have fallen.”

Tom Lee painted the big picture while talking about Bitcoin’s performance in the market right now. He stated that the cryptocurrency market which is worth about $200 billion has been performing far better than the fiat market which is worth a whopping $90 trillion.

He was also confident about the fact that with the emergence of new platforms such as Bakkt and Fidelity’s cryptocurrency service, Bitcoin will achieve mainstream adoption. According to Tom Lee:

“Bitcoin should be able to easily break higher ground once people realize its fundamental benefits and use cases.”

Another factor that Lee pointed out was the emerging markets being highly oversold, making the cryptocurrency sector much more appealing. He also said that Bitcoin and its adoption will be given a boost if the United Stated Dollar weakens. In his words:

“Bitcoin is obviously pegged to the USD and if it weakens, it will act as a tailwind for Bitcoin.”

Tom Lee’s comments in the wake of a massive drop in the cryptocurrency market on 29th October saw the entire top 10 cryptocurrency club come under attack by the bear.

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HitBTC responds to allegations of insolvency, refutes claims made by Redditors




HitBTC responds to allegations of insolvency
Source: Unsplash

HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:

“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”

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