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
Bitcoin Reclaims $68.4K, Tests Critical $71.4K Resistance
_Bitcoin reclaimed $68.4K support, filled the CME gap at $70.1K, and now tests $71.4K resistance. Bears stay in control below that level._
Bitcoin bounced off the 68.4K level and climbed toward 71.4K. The move came after the CME futures gap at 70.1K got filled. Structure, though, still reads
LiveBTCNews13m ago
James Wynn shorts BTC again with 40x leverage
Blockbeat reports that on March 24, according to Onchain Lens monitoring, after being completely liquidated, James Wynn has once again opened a BTC short position with 40x leverage.
金色财经_13m ago
Maji Big Brother opened a 40x long position on BTC at an average price of $71,131
Gate News reports that on March 24, Hyperbot data shows that Brother Magji opened a 40x long position on BTC again, with an average price of $71,131 and a position value of $780,000. In addition, he also holds a 25x long position on ETH worth $11.547 million, with an unrealized profit of $60,000.
GateNews32m ago
BTC breaks below $71,000
Jinse Finance reports that BTC has broken below $71,000, currently trading at $70,989.77, with a 24-hour decline of 0.11%. The market is experiencing significant volatility, please ensure proper risk management.
金色财经_36m ago
Best Crypto Presale: DeepSnitch AI Rallies 205% as Investors Choose AI Tech Over Washed-Up Presales Like Bitcoin Hyper and BlockchainFX
European Bitcoin treasury companies are merging to survive, and doing it without selling a single coin. Sweden’s H100 Group is acquiring two Norwegian Bitcoin firms in an all-stock deal, jumping from 44th to 27th globally in Bitcoin treasury rankings overnight.
But while institutions are mergi
CaptainAltcoin48m ago
