Tom Lee of Fundstrat recently tweeted,
“A lot of ‘signal’ past few days in crypto and #bitcoin
– China (friendly policy) – New ATH S&P 500 (positive)
– Bitcoin Misery Index bottomed 10/24 at 36 and rebounding (positive)
– Massive price gain on $BTC friday (signal)
Interim ‘risk-off’ ended, and bull market resumes.”
Bitcoin has largely held on to gains made over the weekend and remains almost 25% higher than it was trading late last week.
A number of industry observers have been typically disparaging, calling it a manipulated pump and dump but as yet markets are holding steady.
In other Crypto news today,
China is in the midst of a new blockchain boom.
Cryptocurrencies got a boost, and so did blockchain-related stocks.
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