BTC to be $25k By The End of The Year, Tom Lee Says

New forecast from Fundstrat co-founder and Wall Street analyst
01 March 2018   426

Fundstrat co-founder and Wall Street analyst Tom Lee confirmed his forecast that by the middle of the year the price of bitcoin will reach $ 20,000 and $ 25,000 towards its end. He also expects that at least three corporations whose shares are traded on stock exchanges will issue their own crypto-currencies in 2018. This is reported by CNBC.

In his report, the analyst repeats the forecast he gave in January, when he said that bitcoin could "easily double" this year.

Despite the fact that now bitcoin costs twice less than the highs recorded in December above the level of $ 20,000, Lee is sure: this year bitkoin will return to this mark and even rise above it.

The announcement by Rakuten is another example of positive developments in crypto in 2018, suggesting the large sell-off in bitcoin and others at the start of the year was an overshoot to the downside.

Tom Lee

Co-founder, Fundstrat

Lee sees in this trend a sign that supports his forecast at the rate of bitcoin. He also recalled that Japanese online retailer Rakuten recently announced plans to launch his own crypto currency, adding that this step is a sure sign that the crypto-currency space continues to develop despite the correction of bitcoin.

Lee also expects that several large companies, perhaps even Starbucks, Facebook or Amazon, which were not previously represented in the crypto-currency sector, will start using blockage this year.

The analyst recalls that the chairman of Starbucks recently allowed the use of blockage in the company's new payment application, and suggests that Facebook and Amazon "announce a crypto-currency strategy this year."

Crypto Exchange White Label Service launched by OKEx

OKEx, one of the biggest exchanges in the world, has declared the run of a crypto exchange creation programme ‘Digital Asset Exchange Open Partnership Program’
20 June 2018   80

The announcement claims that the programme is intended to “nurture a new generation of digital asset exchanges”. To establish a new crypto exchange, interested parties have to provide OKEx with a domain name, logo, and specialties of the management team. They are assured to possess “solid industry experience, quest for service excellence, and strong industry influence.”

Applicants should also deposit 500,000 OKB tokens into their accounts. This equals around $2.5 million at the present rate, according to OKB is a utility token that were first sold in March of this year in packages of up to 100, each costing $100. They can be applied to settle transaction fees on the exchange and traded for Bitcoin, Ethereum and Tether.

The applicants will get access to OKEx’s fitting system (which links up buy and sell orders), cold and hot wallets (offline and online cryptocurrency storage), clearing system (which handles money transfer), client support system, and know-your-customer and anti-laundering systems. They will also get support from the OKEx technical team.

100 places are suggested by the programme in its first phase. It is anticipated to start in July. The announcement also points out the setup that the new exchanges must have. They will develop their own native tokens, and distribute them as follows:

  • 25 percent to themselves;
  • 24 percent to OKB holders;
  • and 51 percent to be mined.

OKEx explains the mechanisms by which the tokens will be mined/released. The term white label was firstly invented in the music industry - a white label vinyl record was a release so new that it had not yet been labelled, a much sought-after thing. Presently it cites to a service or product manufactured by one company and sold to another for re-sale under a different brand name.