So far, requests have been rejected, but a lot of progress has been made.
This led to panic amongst some traders and it resulted in the Bitcoin price dropping to the $6,500 region. It is usually not presently possible to purchase alternative cryptocurrencies such as Bitcoin File directly using USA dollars. Bitcoin buyers managed to push the price above the $6,500 level and the 23.6% Fib retracement level of the last decline from the $7,167 high to $6,139 low.
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.
"I think Bitcoin dominance is actually showing the market is reacting to what's been taking place", he noted.
BCH/USD: Bitcoin Cash, too attempted a recovery above the $700 handle, in a mood of general optimism in today's crypto trading, following the footprints of its wider peers in terms of price action. As it stands, the BMI sits at a comfortable rating of 39, which Lee went on to note that this should not be a bearish signal for investors.
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However, the BTC price may likely fall again to the previous low of $6,000 because it was a support level. The price fell from $7,142.03 to the low of $6,456.10.
At the start of 2017, bitcoin claimed about 80 percent of the overall cryptocurrency market. "I think people are afraid it is going to go back down to $6,000 and never come back from those bear markets", Lee said on Monday.
For one, on Friday of last week, the Intercontinental Exchange, which is the parent company of the New York Stock Exchange, hinted at plans to launch a new company that enables "consumers and institutions to buy, sell, store and spend digital assets on a seamless global network", which one would expect to spur a surge.
Closing off his segment on the show, Tom Lee added that the cryptocurrency market is still in its early stages, likening this nascent industry to the internet in 1994. It is use value like this that does cryptocurrency adoption a favour.
However, despite its tepid performance recently, Lee remains hopeful.