Fundstrat Global Advisers co-founder Thomas Lee wrote that the recent Bitcoin pullback is healthy in a tweet on July 14.
"As for the search traffic for bitcoin being low, I also think that is a good sign. It means the rise in Bitcoin has not been accompanied by massive hype."
According to search analytics service Google Trends, Google searches for Bitcoin from within the United States have decreased by about 45% since their recent peak at the end of June.
The CEO of major cryptocurrency exchange Binance, Changpeng Zhao, said in an interview with Bloomberg on July 12 that the recent rally has been mostly driven by retail investors, who still account for about 60% of total trading volume.
"We have not seen institutions growing faster. What we've seen is pickup in both places. The number of institutions coming into this industry has not increased that tremendously in 2019 yet."
Bloomberg also suggests that margin trading is another catalyst for the recent growth.
As Cointelegraph reported on July 11, Binance has rolled out margin trading features, allowing traders to use their existing balances as collateral to open both long and short positions on crypto assets.
"I would say the majority of people by the end of the year will be using margin in some capacity. It's quite safe to use to be honest. There will be more trading volume and potentially higher volatility."
At the end of June, Thomas Lee suggested that Bitcoin's volatility makes a long-term approach toward it more appropriate for most traders.
Fundstrat's Tom Lee: Bitcoin Pullback Is Healthy, Fewer Searches Аre Good
pubblicato su Jul 15, 2019
by Cointele | pubblicato su Coinage
Coinage
Menzionato in questo articolo
Notizie recenti
Vedi tutti
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.