If you are contemplating when the plunge in the value of Bitcoin (BTC) will come to an end, you might want to take a look at the emerging markets, says Thomas Lee. According to Thomas Lee – the co-founder of Fundstrat Global Advisors – there is a significant connection growing between Bitcoin (BTC) and emerging markets.
Both Bitcoin (BTC) and the emerging markets got to their all-time high early this year, and the both of them have been in downside trend – according to the company’s head of research.
Bitcoin (BTC) Price Trend
So far this year, the iShares MSCI Emerging Markets Index ETF has reduced by almost 8%. It hurts, but not as much as the marathon Bitcoin (BTC) selloff. The buying fury of Bitcoin (BTC) came to a virtual shrieking shortly after the digital currency tested the $20k mark in December last year. Since then, the value of the digital currency has reduced by about 65%. Bitcoin has been trading around the $6k since August 8th.
Thomas Lee said that hedge funds are not purchasing risk during the selloff of emerging markets. The recent trading activities also indicate that they are not purchasing Bitcoin (BTC) either. Thomas Lee – who owns Bitcoin (BTC) and has been one of the biggest Bitcoin bulls on Wall Street – says he sees the wave changing in favor of both markets.
Lee also added that there are firepower and big money on the offshoots in the digital currency space. Lee said that those factors could help the value of the digital currency hit the $25k mark before the end of this year. He said it is still possible for Bitcoin (BTC) to end this year explosively higher.
Bitcoin (BTC) Price Today – BTC / USD
The current value of Bitcoin (BTC) is $6,652 after a decrease of less than two percent over the past twenty-four hours. The current market cap of the digital currency is $114.63 billion and its trading volume over the past twenty-four hours is $3.18 billion.