Yesterday, the world’s best-known cryptocurrency experienced a tumultuous pullback. Bitcoin shed a good 10% to touch an intraday low at $11,163. It’s only been two weeks since we witnessed bitcoin hitting an 18-month high above $13,000. However, these kinds of boom-and-bust periods are not completely new to the cryptocurrency space but today’s drop was a big blow.
Fundstrat’s Tom Lee was quick to give some insight on what might have caused the parabolic drop and reminding us that bitcoin remains bullish in the long run.
“Important to step back and focus
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