Altcoin Bear Market is Over, Tom Lee Believes

New optimistic forecast from co-founder of Fundstrat Global Advisors LLC
21 March 2018   517

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.

Bakkt to be Launched in December

It is also reported that Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure
19 October 2018   53

The expected launch of the Bakkt will take place on December 12 of this year. It is reported by The Block, citing informed sources.

Also, the material states that the investment bank Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure. At the same time, the bank is considering the possibility of trading futures on a new platform.

In a recent Fortune interview with Bakkt, Kelly Lofler said that the cryptocurrency market is on the verge of a revolution comparable in size to the one that occurred on the energy market in the early 2000s.

Greater institutional participation in the digital asset markets requires secure and regulated custody solutions. We are impressed by BitGo’s product, unique services, and the management team. We view our investment in BitGo as an exciting opportunity to contribute to the evolution of this critical market infrastructure.
 

Rana Yared

Managing director, Goldman Sachs’ Principal Strategic Investments group

Bakkt is a cryptocurrency unit of the Intercontinental Exchange (ICE), which is the operator of the New York Stock Exchange. Giants such as Microsoft and Starbucks are taking part in creating of the new project, which is positioned as an “ecosystem for digital assets”.

The new platform will offer deliverable bitcoin futures to the market (unlike the settlement contracts for CBOE and CME, these are based on the underlying asset). The platform will support multiple fiat currencies.