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
Analyst Says Bitcoin Indicators Show Early Signs of Market Recovery
Stablecoin liquidity rose by ~$8B since February, signaling potential improved market trading conditions.
Inter-exchange Flow Pulse turned positive, indicating more Bitcoin moving to derivatives platforms.
Long-term holders retain ~79% of supply, showing gradual supply transfers
CryptoFrontNews9m ago
Bitcoin Surges Above $74K After Rally From $60K Support Level
Bitcoin surged from $60K to nearly $74K, gaining 23% as buyers maintained momentum, indicated by a positive RSI and MACD. Key resistance lies at $74K, with support levels at $72.8K, $71.5K, and $70K. Traders anticipate potential further gains.
CryptoFrontNews19m ago
Michael Saylor’s Strategy Adds $1.57B in Bitcoin, Treasury Swells to 761K BTC
Strategy announced on Monday that it bought another large tranche of Bitcoin, adding 22,337 BTC, a purchase the company says cost roughly $1.57 billion at an average of about $70,194 per coin, pushing its total holdings to 761,068 BTC. The disclosure, filed as a Form 8-K and shared in a company
BlockChainReporter35m ago
Strategy Buys $1.57B Bitcoin as Holdings Top 761,068 BTC, BTC Above $74K Rally
Strategy expanded its Bitcoin reserves again after executing another large weekly purchase. The move extended the firm’s aggressive accumulation strategy and pushed total holdings above 760,000 coins. Meanwhile, the purchase came as Bitcoin traded above $74,000 during the latest market rally.
Strat
CryptoBreaking40m ago
