Altcoin Bear Market is Over, Tom Lee Believes

New optimistic forecast from co-founder of Fundstrat Global Advisors LLC
21 March 2018   428

The fall of altcoins is almost complete. Analysts of Fundstrat Global Advisors LLC adhere to this opinion. This is reported by Bloomberg.

According to their estimates, altcoins have fallen by 75% in the last 64 days. This was preceded by an unprecedented take-off of the market, which allowed many of them to update historical highs and lasted 62 days.

Analysts analyzed the trajectories of the last three drops of altcoins and came to the conclusion that each time the fall lasted about the same time as the preceding growth. Thus, according to Fundstrat, the probability that the recession remains in the past is great.

At the same time, Tom Lee and his colleagues believe that it is too early to prepare for a new wave of growth.

During previous cycles, the recession was followed by a consolidation period, which lasted from 70 to 231 days, analysts write in a note. In this regard, they advise their customers to keep assets in the near future in larger crypto-currencies, for example, in bitcoin.

We believe the current purgatory period will last for 150-175 days, implying a bull market for alt-coins really starts mid-August to mid-September. The reason for this longer duration is the current dark clouds overhanging crypto are really alt-coin specific.
 

Fundstrat Global Advisors LLC

Earlier, the US Securities and Exchange Commission initiated an investigation into a number of cryptocurrency start-ups that distributed their tokens through the ICO, suspecting that they could sell securities in this way. These tokens, among other things, form a segment of altcoins.

'Kodak Miner' Turned Out to be a Scam

KashMiner by Spotlite USA was promoted as Kodak branded bitcoin miner 
17 July 2018   137

The KashMiner bitcoin miner, exhibited at the Kodak stand during the CES technology show in Las Vegas, was in fact a product designed to mislead potential consumers and with a potentially unattainable potential return. This is reported by BBC.

Spotlite USA is licensed by Kodak's lighting division, which allows it to use the famous brand in its products. In January 2018 the company introduced its miner and announced that it intends to lease it. According to its business plan, potential users had to pay a commission before getting the device. It was expected that after depositing $ 3,400, the customer will receive a device that will allow him to easily cover expenses and receive revenue from bitcoin mining.

However the company did not have an official Kodak license to use the brand in the production of mining equipment and initially overstated the indicators of the potential profit of its device, refusing to take into account the growing complexity and costs of bitcoin mining. The advertising materials reported that KashMiner brings $ 375 a month, which, subject to a 2-year contract, would allow the client to receive $ 5,600 of profit after paying a commission. Experts from the industry of cryptocurrency call this offer a scam.

There is no way your magical Kodak miner will make the same $375 every month.
 

Saifedean Ammous

Economist

CEO Spotlite USA Halston Mikail previously reported that he plans to install hundreds of miners at the headquarters of Kodak. According to him, he already managed to place 80 miners there, but the Kodak spokesman denied this information.

While you saw units at CES from our licensee Spotlite, the KashMiner is not a Kodak brand licensed product. Units were not installed at our headquarters.
 

Kodak Spokesman

In a phone call with the BBC, Spotlite's Halston Mikail said the US Securities and Exchange Commission (SEC) had prevented the scheme from going ahead.