Summary
- Tom Lee said the digital asset market is nearing a short-term bottom.
- He said the recent pullback reflects strength in gold and silver prices and fund flows driven by U.S. policy uncertainty.
- He said cryptocurrency market fundamentals are improving and that if they recover, prices could rebound; he added that the market is in a correction phase rather than a structural downturn.
Tom Lee, chairman of Fundstrat and Bitmine (BMNR), said the digital asset (cryptocurrency) market is nearing a short-term bottom.
Speaking on CNBC’s “Squawk Box” on the 2nd (local time), Lee explained that “the recent pullback in the digital asset market has been driven largely by strength in gold and silver prices and fund flows stemming from U.S. policy uncertainty.”
He added, “While the price correction is continuing, the cryptocurrency market’s fundamentals are actually improving,” and said, “If a recovery in fundamentals is confirmed, prices could follow with a rebound.”
He also noted that “the current situation is closer to a correction phase than a structural shift to weakness.”
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
