BlockBeats News, January 24 — Tom Lee, Chairman of BitMine and co-founder of Fundstrat, said in an interview with CNBC, "Cryptocurrencies have always been affected by deleveraging. The ‘1011’ crash shook the market; it was the biggest deleveraging event in cryptocurrency history. Then this week, cryptocurrencies performed quite well until the ‘Greenland’ statement was released, which triggered fluctuations in Japanese government bond yields and deleveraging in cryptocurrencies. So I believe, unfortunately, that cryptocurrencies should have followed gold’s trend to some extent, but excluding the impact of deleveraging, I think that is the real reason affecting cryptocurrencies.
I believe that as a settlement layer, cryptocurrencies are still very important, but this is more about smart blockchains. In other words, compared to Bitcoin, this is more an Ethereum story. Bitcoin has recently faced some shocks because there are concerns that quantum computing could steal or break into one-third of Bitcoin’s old wallets. I don’t think the Bitcoin story is over. It is just waiting for clearer regulation, and institutional adoption is increasing. So, I still don’t think a $200,000 Bitcoin is so crazy. It’s just a doubling of price.
Historically, parabolic rises in cryptocurrencies often follow parabolic rises in precious metals. So unless something happens in the next few years, I don’t think this is a story that has already played out."
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
An ETF under BlackRock transferred about 884 BTC and 604 ETH to a certain custodial platform
Gate News message, on April 14, Arkham monitoring shows that about an hour ago, BlackRock, via its spot Ethereum exchange-traded fund ETHA, transferred 604.044 ETH to a certain CEX custodian service, worth $1.44 million; it transferred 884.142 BTC to the same custodian service, worth $65.95 million, via its spot Bitcoin exchange-traded fund IBIT.
GateNews9m ago
Bitcoin is nearing $75,000, and ETF fund net inflows reached $1.1 billion, setting a new intra-year high.
Gate News message. On April 14, the price of Bitcoin has recently neared $75,000. Since February 28, Bitcoin has risen cumulatively by about 13%. Options market data show that the 25-Delta Skew has rebounded from -10% to -4.5%. Last week, CoinShares data showed that net inflows into crypto investment products totaled $1.1 billion, the best weekly performance so far this year. Among them, U.S. spot Bitcoin ETFs recorded net inflows of $786 million.
GateNews54m ago
Smart Trader Starts Shorting Ethereum and Bitcoin After Generating $34M Profit
Trader 58bro.eth has shifted to shorting Bitcoin and Ethereum after earning $34M with a 91% win rate. The move reflects a bearish outlook amidst market volatility, with current positions totaling over $25M in crypto assets.
BlockChainReporter1h ago
$1B Bitcoin Bet: Strategy Adds 13,927 BTC Amid Market Uncertainty
_Strategy adds 13,927 BTC for $1B, reinforcing long-term accumulation strategy_
_Total holdings reach 780,897 BTC with average acquisition price near $75,577_
_Firm posts 5.6% YTD Bitcoin yield while maintaining steady buying pace_
Strategy expanded its Bitcoin holdings with a $1 billion p
LiveBTCNews2h ago
