Cryptocurrency Daily Update – August 7, 2018

Bitcoin Chart 8-7-18 BTC USD

Bitcoin Chart 8-7-18 BTC USD

The cryptocurrency market continued its slump on Tuesday with the exception of Ethereum Classic, which continued to rise inexorably post its announcement that it would be traded on Coinbase.

In fact, the Ether spinoff was trading at around $19.30 on Binance at press time on Tuesday. BTC was down to the low $6,900 levels and was trading at around $6,930 at press time on Tuesday.

News that an ETF could possibly be approved on Aug. 10 boosted sentiment, although this was not being reflected in price or turnover.

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Bitcoin, ‘the best house in a tough market,’ is bouncing back

Despite bitcoin’s tumble over the past two weeks, Wall Street bull Tom Lee says the cryptocurrency is gradually regaining market share — which should comfort bitcoin buffs.

“The news that we have seen, from the SEC saying bitcoin’s a commodity, to … the potential for an [exchange-traded fund] is causing investors to decide that bitcoin is the best house in a tough market,” Lee, who is Fundstrat Global Advisors’ managing partner, said on CNBC’s “Fast Money.”

He was referring to the U.S. Securities and Exchange Commission (SEC).

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