‘Buy the Pullback’ in Bitcoin, Ethereum: Fundstrat’s Sluymer

Leading cryptocurrencies are all trading in the green today, as Ethereum takes the recent development of a possible regulatory crackdown in stride. After falling from the $1,000 level to as low as $300 this year, Ethereum has been on the comeback trail. That momentum could have been marginalized by reports that US regulators are considering classifying the No. 2 digital currency by market cap as a security, similar to how they view the tokens that enter the market through initial coin offerings (ICOs). Meanwhile, just last week US Securities and Exchange Commission Chairman Jay Clayton basically put the kibosh on the notion that bitcoin could be a security. But Ethereum has emerged largely unscathed by those reports, and its return to near the $700 level is a good technical indicator, according to Fundstrat Global Advisors’ Robert Sluymer on CNBC. Any selling in Ethereum was likely a function of the digital…

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