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Wall Street’s first analyst to cover bitcoin urges caution

06 May Wall Street’s first analyst to cover bitcoin urges caution

Posted at 17:05h in Bitcoin News by

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Wall Street’s first analyst to cover bitcoin has a new recommendation for investors: Avoid it.

Speaking with CNBC, DataTrek Research co-founder Nick Colas cited lackluster fundamentals surrounding what he calls the “FANG stock of the crypto world.” FANG, references Facebook, Amazon, Netflix and Alphabet’s Google, the highest flying and most widely held tech stocks.

“It has come down quite a long way, and we’re getting a lot of people asking is now the right time to buy,” he told CNBC’s “Trading Nation” in a recent interview.

He added: “The short answer is no.”

Bitcoin has rallied to $9700 from a low around $6400 in just the past month, based on Friday’s stock market close. Last December, bitcoin hit a record…

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