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Author Topic: [2018-05-24] Regulatory Uncertainty Pushes BTC Below $8,000, Tom Lee Predicts a  (Read 103 times)
ivanpoldark
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May 24, 2018, 07:28:36 AM
 #1

Regulatory Uncertainty Pushes Bitcoin Below $8,000, Tom Lee Predicts a $25,000 Return

Bitcoin’s two-week sell off continued today, seeing the coin fall to below $8,000 — $7,500 at the time of writing — and hitting levels not seen since mid-April.

Regulatory Moves Impact Bitcoin’s Price

And it’s not just Bitcoin, many other top cryptocurrencies were also in the red today despite bullish calls that coin prices would soar following major blockchain events in New York City that have been taking place over the past week.

Some in the cryptosphere have pointed to recent regulatory news as the key driver of the sell-off. This Monday, financial authorities in the U.S. and Canada announced a cooperative crackdown on initial coin offerings (ICOs) and other cryptocurrency investment schemes, led by the North American Securities Administrators Association (NASAA).

More than 40 state and provincial watchdogs are participating in ‘Operation Cryptosweep,’ which has triggered at least 70 investigations so far.

│ “This [Operation Cryptosweep] cleaned out a lot of the bad projects,” said CNBC’s Brian Kelly. “That has people a little concerned, and is a short-term hit to sentiment.”

Moving forward though, Kelly points out that these regulatory steps are all part of the maturation that the market needs in order to attract institutional investors. “The projects that they shut down they appear to be junk, they had a real reason to shut them down,” he said.

This week’s crackdown from the NASAA comes amid growing attention from U.S regulators. Last week, the Securities and Exchange Commission (SEC) brought several fraud cases against operators of ICOs and also launched a website to help investors recognize ‘red flags’ when looking for cryptocurrency investment opportunities.

Tom Lee Predicts Rebound

Despite these recent price woes, Fundstrat’s Tom Lee still believes Bitcoin will reach $25,000. In an email to CNBC, Lee attributed today’s drop to ‘typical crypto volatility.’ He also identified three key factors that have him believing the coin will more than triple its current value moving forward.

The first is related to the cost of producing and replicating the cryptocurrency. When Bitcoin was trading at around $8,000 yesterday, Lee appeared on CNBC’s ‘Futures Now,’ where he expressed the belief that the digital currency was actually ‘trading at cost’ because the price of production was actually around that number. With this, it is likely Lee is referring to recent data from Morgan Stanley that puts the Bitcoin mining profitability at just over $8,000. This means that if miners want to turn a profit, the coin in theory has to stay above this number.

Lee’s second factor relates to the catalyst that institutional investors will bring to the cryptocurrency space. “I think institutional investors have gained a lot of interest, and they haven’t really come into crypto yet because there is still some regulatory uncertainty,” he said.

Lee’s third factor relates to data compiled by Fundstrat, which show a historical trend that has him encouraging investors to hold onto the coin. “Historically, 10 days comprise all the performance in any single year of bitcoin’s price,” he said. “If you just took out those 10 days, bitcoin’s down 25 percent a year.”

│ Lee continued: “So as miserable as it feels holding bitcoin at $8,000, the move from $8,000 to $25,000 will happen in a handful of days.”

https://www.newsbtc.com/2018/05/23/regulatory-uncertainty-pushes-bitcoin-below-8000-tom-lee-predicts-a-25000-return/

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May 24, 2018, 09:26:09 AM
 #2

Whatever it is that's pushing the price down, Tom Lee doesn't have that many credits left when it comes to his predictions. He keeps going on till he's right at some point and brag about how he was right.

If we look at some of the main points of the market in the last months, then aside from the correction that was due, we're experiencing a lower overall demand combined with range manipulation by whales.

Regulatory pressure is always an easy external force to blame. People should accept the current market, and just have peace with it. It's pointless to be overly bullish while the situation just isn't reflecting that sentiment.

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May 24, 2018, 09:54:14 AM
 #3

Tom Lee it's pretty sure what will be price of BTC this year, but this is only speculation based on some factors described in this article. There is calculation that say that production of 1 BTC is around 8000$, so price must be above that level for mining to be profitable - I do not know how much this assumption is correct, but miners work for profit not because they like idea of cryptocurrency.

I agree that until clear rules and regulations are in place, there will not be serious investments in crypto - there are investors who like to risk, but also ones that invest only if they know everything is regulated and that their money is safe. In the time of the BTC existence we see many ups and downs, and new investors are mostly in panic when price is drop, but as Lee say it can go few thousands $ up in a matter of a few days.

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May 24, 2018, 10:23:23 AM
 #4

I really like Tom Lee's very bullish predictions despite the so many bans, regulations going around the ecosystem.  Maybe one day we can truly appreciates Lee as the only one really trying to put some confidence back in the market with his upbeat forecast. As far as the coordinated efforts by the between US and Canada, well its good though to see and find out what ICO's are indeed scams but as the same time we also need to see reports who are really legit. Although the damage has been done already as the market quickly go South in the last 48 hours because of this news, but just like any crash or price correction, we are going to bounce back again and bitcoin will not be tired to fight this kind of negativity. Hope Tom Lee's prediction though will happen at the end of the year.

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May 24, 2018, 01:04:25 PM
 #5

Bitcoin price now really down to $7k and make me sad, but this person can't say or don't have enough influences power to affect bitcoin price, only he can say something, and for us not to be affected too much by it then listen too much to him.
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May 24, 2018, 03:04:08 PM
 #6

Tom Lee had succinctly analyzed and speculated the  price of bitcoin which I belief are facts and figures however did he consider the 'whales' who manipulates the price of btc at will? MtGox massive
recurrent dumping of btc into the market did more havoc and harm to the price rather than good and all these challenges can make or mar the projected speculations byTom Lee.

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May 24, 2018, 04:26:10 PM
 #7

there are investors who like to risk, but also ones that invest only if they know everything is regulated and that their money is safe.

There's no such thing as a "safe risk", lol


Look, either this is capitalism (where everybody must live by the outcome of their successes and their mistakes), or it's just a free money hyper-inflation system for poor little kiddies who keep falling over and need band-aids for their teeny weeny knees from their dads


What's THE POINT in having markets if everyone expects to get bailed out every time they make a mistake? If someone loses money in an ICO, too bad. There's nothing to stop people launching ICOs, and there's ample warning out there that ICOs are 99.9% scams. Possibly even 100%. If you don't understand what you're doing, and you still make a risky purchase, why should everyone else pay for your mistakes?

Too many people are getting into cryptocurrencies for the wrong reasons, the whole point is that a majority of the supposedly professional finance firms BANKRUPTED THEMSELVES in 2008, then went to the central banks to say "we gambled everyone's deposits away on duds, you're gonna have to print some new money to buy all these garbage assets from us". Irresponsible bail outs (aka "safe" markets) are the antithesis of what Bitcoin & cryptocurrency is supposed to be about.

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May 24, 2018, 05:50:55 PM
 #8

Irresponsible bail outs (aka "safe" markets) are the antithesis of what Bitcoin & cryptocurrency is supposed to be about.

I agree with that, but the point is that everyone is free to use Bitcoin in the way they think it benefits them. Don't forget that the majority of the people are simple minded, and for that reason don't look at things from your perspective. They don't see the threats you are seeing. They don't see Bitcoin as way to avoid centralization. They don't see anything wrong with this system. This system and the government in their eyes stand for stability, safety, solidity, etc.

It's the result of years and years of brainwashing. It's something that's going to take decades to even slightly initiate a change. Good thing is that you don't have to care about it. You know how to avoid this system and what level of freedom Bitcoin allows you to have. Let others sink in their own misery. These people will only realize that they are following the wrong path by actually experiencing the consequences of their actions.

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May 24, 2018, 10:48:22 PM
 #9

Regulatory pressure.... We need more of this 'regulatory pressure', and then in a clear manner to steer the market forward and welcome institutions not being able to freely enter right now. I am more inclined to think that the lack of clear regulations is what's preventing the market from actually going to the next level. I do understand that governments have never been fast with catching up on things tech and internet related, but it wouldn't really surprise me if they on purposely act in a slow manner to not let crypto grow beyond their reach once again. It happened last year, and another similar scenario will just point out their incompetence in this regard.
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May 24, 2018, 10:57:17 PM
 #10

Whatever it is that's pushing the price down, Tom Lee doesn't have that many credits left when it comes to his predictions. He keeps going on till he's right at some point and brag about how he was right.

If we look at some of the main points of the market in the last months, then aside from the correction that was due, we're experiencing a lower overall demand combined with range manipulation by whales.

Regulatory pressure is always an easy external force to blame. People should accept the current market, and just have peace with it. It's pointless to be overly bullish while the situation just isn't reflecting that sentiment.
What we would expect? Those kind of people either famous analyst or person on economic matters will mostly give out their own views as much as they can and when prices do head on what they do predict then it would really add up into their popularity.Normal thing for them to do such thing and i agree that regulatory pressure would always an easy thing to be blame and theres no need for you to be expert because even just a common trader or investor would able to point out that basic reason.


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May 24, 2018, 10:59:07 PM
 #11

The pressure on the ICOs might be one of the reason. I've seen this explanation given somewhere and it basically looks like this:
Some altcoins aren't traded for fiat at all or their pairs with fiat are less popular than their pairs with BTC. This means that huge waves on the altcoin markets can increase BTC's volatility. If it happens during the correction it can add fuel to the fire. Also, note that BTC can still go towards 10k in June as the number of users is growing.
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May 25, 2018, 11:27:54 AM
 #12

Good thing is that you don't have to care about it. You know how to avoid this system and what level of freedom Bitcoin allows you to have. Let others sink in their own misery. These people will only realize that they are following the wrong path by actually experiencing the consequences of their actions.

Yeah, you're right. With this way of life, so much of what would be natural consequences are avoided. All the stored up irresponsibility will eventually have to spill out, and probably all at once (looks like unprecedented war, more problems with the financial system and increasingly authoritarian government are all on the cards). Hopefully some of these drip-nosed 6 foot tall kids will begin to realise they need to start taking ownership of their own problems (and their lives)

Vires in numeris
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May 25, 2018, 12:03:48 PM
 #13

As high as $70,000 is possible (see article comparing bitcoin and gold after futures trading "killed" them https://medium.com/@obiwankenobit/bitcoin-futures-and-the-ghost-of-gold-81418864c961 ) or crash to as low as $4000 if the long anticipated bull run above 15k doesn't happen before July.

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May 27, 2018, 12:30:06 AM
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I believe that the regulations are the best thing to happen to cryptocurrency in a long time. You can think of this time period as the "great culling". Here the legal waters are becoming ever clearer to navigate, as many of us up till now, have been lost at sea.
    The price must fall before it can ever rise again. It is the tension and pressure that will cause the loose ends of the scene to be cut off. All of those scam coins, many being clones, will begin to disappear. It has to get worse before it gets  better. The market is quite chaotic, but from chaos, order will form.

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May 27, 2018, 01:01:33 AM
 #15

I really like Tom Lee's very bullish predictions despite the so many bans, regulations going around the ecosystem.  Maybe one day we can truly appreciates Lee as the only one really trying to put some confidence back in the market with his upbeat forecast. As far as the coordinated efforts by the between US and Canada, well its good though to see and find out what ICO's are indeed scams but as the same time we also need to see reports who are really legit. Although the damage has been done already as the market quickly go South in the last 48 hours because of this news, but just like any crash or price correction, we are going to bounce back again and bitcoin will not be tired to fight this kind of negativity. Hope Tom Lee's prediction though will happen at the end of the year.

Do you like them because they are bullish and they make feel better or do you like them because it gives you hope that they are true?


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May 27, 2018, 04:13:06 PM
 #16

Do you like them because they are bullish and they make feel better or do you like them because it gives you hope that they are true?

I guess both apply to the general public. I don't really blame Lee for being bullish because he has fair points overall, but as always, it's the hype from the media the general public picks up on. In some cases the media puts so much pressure on these individuals, that they (may even be unconsciously) just try to look good on camera. The media as nasty as it is will then point you to that wrong prediction, and then yet again benefit from you. Lee even admitted that he may have been too optimistic when he made that prediction before the consensus event. In the same way the media is putting pressure on Warren Buffett to just say something. What happens when you are being pressured to talk about something you don't like or care about? Your response will be extreme.
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May 28, 2018, 08:06:41 AM
 #17

Do you like them because they are bullish and they make feel better or do you like them because it gives you hope that they are true?

I guess both apply to the general public. I don't really blame Lee for being bullish because he has fair points overall, but as always, it's the hype from the media the general public picks up on. In some cases the media puts so much pressure on these individuals, that they (may even be unconsciously) just try to look good on camera. The media as nasty as it is will then point you to that wrong prediction, and then yet again benefit from you. Lee even admitted that he may have been too optimistic when he made that prediction before the consensus event. In the same way the media is putting pressure on Warren Buffett to just say something. What happens when you are being pressured to talk about something you don't like or care about? Your response will be extreme.

The media publishes the extreme views; the rational ones get buried amidst back stories. We all heard about McAfee's wild predictions because it was played up by the media. The same goes for professors who predicted that Bitcoin will drop to $10. Similarly, these uber-bullish views are being played up. Let us face it - if Tom Lee had predicted that Bitcoin would gain 10% in the next 5 years, most media houses wouldn't have carried this story.


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May 28, 2018, 11:39:14 AM
 #18

Do you like them because they are bullish and they make feel better or do you like them because it gives you hope that they are true?

I guess both apply to the general public. I don't really blame Lee for being bullish because he has fair points overall, but as always, it's the hype from the media the general public picks up on. In some cases the media puts so much pressure on these individuals, that they (may even be unconsciously) just try to look good on camera. The media as nasty as it is will then point you to that wrong prediction, and then yet again benefit from you. Lee even admitted that he may have been too optimistic when he made that prediction before the consensus event. In the same way the media is putting pressure on Warren Buffett to just say something. What happens when you are being pressured to talk about something you don't like or care about? Your response will be extreme.

The media publishes the extreme views; the rational ones get buried amidst back stories. We all heard about McAfee's wild predictions because it was played up by the media. The same goes for professors who predicted that Bitcoin will drop to $10. Similarly, these uber-bullish views are being played up. Let us face it - if Tom Lee had predicted that Bitcoin would gain 10% in the next 5 years, most media houses wouldn't have carried this story.


Well. Then prompt what you heard rational in this respect? What "do" media as you speak - "bury in"? I see that you have other opinion in this respect. Share him.

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