Summary
- Tom Lee, Bitmine chairman, said Bitcoin could fall up to 40%.
- He said Bitcoin shows a high correlation with the stock market and moves more sensitively.
- He said that despite recent ETF approvals and inflows of institutional investors, Bitcoin price volatility remains essentially unchanged.
Tom Lee, chairman of Bitmine, an Ethereum (ETH) holder, warned of a crash in Bitcoin (BTC).
On the 24th (local time), according to Cointelegraph, Tom Lee said in an interview with Anthony Pompliano (Anthony Pompliano), "Bitcoin shows a high correlation with the stock market and moves more sensitively," and "If the S&P500 falls 20%, Bitcoin could fall up to 40%."
He said that a correction in the stock market could sufficiently occur. Tom Lee explained, "Corrections of around 25% have frequently occurred in the stock market," and "This trend has been particularly notable over the past six years."
He also refuted claims that Bitcoin's price volatility has stabilized. He said, "There is an aspect in which the market has stabilized due to the recent approval of spot Bitcoin ETFs and inflows of institutional investors," while adding, "The intrinsic volatility of Bitcoin remains."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
