'Battle-tested' bitcoin could reach $200,000 as top Wall Street names jump in, Fundstrat's Tom Lee says
, asserting that the firms are offering unregistered securities to their customers and are operating illegally in the US.
While the SEC's moves could be a headwind for many tokens, it'll actually be a boost for bitcoin. The crackdown has had a limited impact on the token's price, which already bottomed out at around $25,000, according to Lee. At the same time, the uncertainty has opened the door for some bigger names on Wall Street to enter the market. That includes the likes of BlackRock, the world's biggest asset manager, which this month filed with the SEC for the creation of"There's been sort of a stage exit stage left for a lot of players, but then we've replaced them with, you know, some of the traditional players that have a lot of credibility," Lee said.
News of the ETF sent the token rallying over 21% from June's low. The coin is trading at around $30,626 on Monday.
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