Bitcoin market share boost augurs price spur – Tom Lee

August 07, 2018
Chris Wheal

While bitcoin bobbed under the $7,000 barrier yesterday a boost to bitcoin’s market dominance could signal a new price rally, claims Fundstrat boss and bitcoin bull Tom Lee. Lee is encouraged by bitcoin’s near 50% market dominance compared to close to 35% at the start of the year.   

Goldman Sachs custody offer

Bitcoin ETFs could get SEC approval by the year’s end which could propel bitcoin higher, some suggest. Yesterday it was reported that Goldman Sachs may offer crypto custody services, bolstering crypto security and providing a new level of protection for owners (though there is nothing official from Goldman on this so far). Plus, possibly, allowing more of a crypto entrée for professional fund money. Again, significant.

The back pocket of a blue chip – safe enough for cryptos?

“The news that we have seen,” Lee told CNBC’s Fast Money show, “from the SEC saying bitcoin’s a commodity, to … the potential for an [exchange-traded fund] is causing investors to decide that bitcoin is the best house in a tough market.”

401k potential

Recently the US Intercontinental Exchange (ICE) revealed news plans for a start-up exchange, Bakkt. This claims to offer a new ecosystem for digital assets and an alternative to stocks and bonds, particularly for millennials saving for their retirement through a 401k plan. The venture is backed by Microsoft, amongst other blue-chip names. 

At the time of writing (12.15pm, 7 August) bitcoin was selling at $7,060. At the start of August BTC was worth close to $7,770 though it remains around 60% down since the start of 2018.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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