Bitcoin is the Best House in a Tough Market: Fundstrat's Tom Lee

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EOS/USD: EOS remained in a tight range during late European trading hours Tuesday after investors started to overcome the pessimism created by a spam attack, leading to voluminous rise in transactions over the past week. Prices began dropping yesterday after the SEC extended the Cboe exchange-traded fund decision. The increase in trading volume, however, hasn't stopped the cryptocurrency prices from recording losses.

Bitcoin price trimmed most of its last week gains and broke the $7,200 support against the US Dollar. After breaking below strong support at $0.425 - which now becomes strong resistance - recent price action shows a small rebound being sold-off. BTC/USD is down over 3% in the last 24 hours, and down almost 5% in a slightly longer window. They will reportedly be using a so-called "phased approach" for Dollars trading as the process takes a "gradual approach to ramping up these markets in order to ensure quality in processes and systems before making them available to qualified customers". This indicates that the overall demand for Bitcoin is down and it will no doubt affect the price further. The market has been expecting SEC decision on Bitcoin ETF this month but the commission shifted it to September. In the last week, X2 has traded 7.1% higher against the dollar.

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In the past 24 hours, the volume of Bitcoin has not improved, in fact, it has been in decline sitting in at the $3.8 bln.

"A green light for the bitcoin ETF would fire the starting gun on a race among institutional investors to cash-in on this new product".

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Ethereum is in major downtrend and is trading well below $390-400. Those will be hence added to the list of other already supported pairs which now include: Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and TrueUSD (TUSD).

Ether ETHUSD, -0.33% is down 1.7% to $403.44, Bitcoin Cash BCHUSD, -0.71% is trading down 3.1%, at $689.60, Litecoin LTCUSD, -0.91% is down 1.1% at $73.64 and Ripple's XRPXRPUSD, -0.55% is trading 3.5% lower at 42 cents, respectively.

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The 24-hour trading volume now stands at $320 million, higher than the $256 million recorded yesterday. Coinmarketcap reports that the platform has grown by 16% in 24 hour period. The price per one EOS was Dollars 6.17. A few days ago, cryptocurrencies saw the first dip before the SEC announcement, which took place after the Intercontinental Exchange (ICE) deal was revealed.

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