RATE Group | Bitcoin is regaining market share
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Bitcoin is regaining market share

07 Aug Bitcoin is regaining market share

Posted at 02:36h in Bitcoin News by

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Despite bitcoin’s tumble over the past two weeks, Wall Street bull Tom Lee says the cryptocurrency is gradually regaining market share — which should comfort bitcoin buffs.

“The news that we have seen, 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,” Lee, who is Fundstrat Global Advisors’ managing partner, said on CNBC’s “Fast Money.” He was referring to the U.S. Securities and Exchange Commission (SEC).

Bitcoin has been on a near steady downward slide, since briefly topping $19,000 in December. It dropped below $6,000 at the end of June — its lowest value all year, according to Coindesk. The cryptocurrency then rallied, approaching $8,400 in July, before tumbling back down to around $7,000 in recent…

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