Hey ninjas, how’s the trading going? The largest cryptocurrency by market cap Bitcoin is reporting moderate gains on the day and is currently trading at $10,567 however, some of the top 20 cryptocurrencies are reporting losses. Coins like Bitcoin cash (BCH) and Ripples XRP are reporting losses in the last 24 hours.
The Co-founder of Fundstrat Global Advisors Tom Lee, in an interview with Fox Business on the 31st of July, stated that he believes the recent cut in interest rates by the Federal Reserve would positively impact Bitcoin. He stated that rate cuts add liquidity, and liquidity is helping Bitcoin. He also believes that it is extremely plausible for Bitcoin to reach its all-time high value ($20,000) by the end of the year.
He also commented on the Federal Reserve chairman Jerome Powell’s statement on the concerns about Facebook’s Libra. Powell’s stated in a recent hearing before the House of Financial Services Committee that Libra poses serious privacy, money laundering, customer protection, and financial stability concerns. Tom Lee spoke on the statement made by the chairman saying that Bitcoin and Libra have different architecture and the concerns for Facebook’s Libra are valid, but they do not apply to Bitcoin.