Bullish bets on bitcoin reach 11-month high: Report
Fundstrat Global Managing Partner Thomas Lee on the stocks investors should consider for their portfolios and the outlook for bitcoin.
A growing number of investors are bullish on bitcoin as the volatile cryptocurrency looks to recover from a year-long plunge in value.
The number of “long” positions on bitcoin reached an 11-month high on Monday and have risen by 35 percent over the last three weeks, CoinDesk reported, citing data from cryptocurrency exchange Bitfinex. As a result, the long-short ratio on bitcoin improved from 1.5 to 1.18.
Bitcoin was trading at $3,925.01 as of Tuesday, according to CoinBase. The cryptocurrency’s value is up more than 12 percent over the last month.
Bitcoin reached an all-time high valuation of more than $18,000 in December 2017 as investors rushed to buy the leading cryptocurrency. However, prices have plunged over the last year due to various obstacles, including concerns about potential regulation, increased scrutiny from the Securities Exchange Commission, cybersecurity issues and rise of different cryptocurrency listings.
Bitcoin remains the largest cryptocurrency by market capitalization, with a valuation of more than $69 billion, according to CoinMarketCap.
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JPMorgan became the first U.S. bank to launch its own cryptocurrency earlier this month with the rollout of “JPM Coin.” The digital currency will be used to instantly settle payments between the bank’s clients, CNBC reported.