Fundstrat Co-Founder Tom Lee Says Crypto Bottom Is in Following Market Slump
Fundstrat co-founder Tom Lee claimed the cryptocurrency market is likely at or near a bottom on Monday, arguing that prices have overshot to the downside even as underlying fundamentals continue to strengthen.
Speaking on CNBC Monday, Lee said crypto had “taken it much worse than we expected,” despite a lack of leverage in the system and improving network activity. He added investor capital was pulled away from digital assets earlier this year by a surge in precious metals.
“I think crypto has suffered from that on a price basis at a time when the fundamentals have been good,” Lee said, adding that the broader economy remains in solid shape despite heightened uncertainty coming out of Washington.
Since Lee’s interview,…
