Tom Lee Points to Potential Bitcoin Bottom Amid Precious Metals Plunge

Tom Lee, Chairman of Ethereum-holding company BitMine, stated on a CNBC program on February 3rd that the cryptocurrency market might be close to, or may have already reached, a bottom. Lee argued that despite fundamental improvements, prices had fallen excessively. He noted that the cryptocurrency market lacks dangerous leverage and network activities have improved, yet conditions have 'worsened more than expected.' Lee particularly highlighted the significant influx of funds into precious metals since the beginning of the year, which led to an outflow from cryptocurrencies. Regarding the downturn in cryptocurrencies, Lee mentioned the U.S. midterm elections...