'Crypto market is bent, not broken', says Tom Lee

03 Dec, 2018
by Joeri Cant
News
'Crypto market is bent, not broken', says Tom Lee

Tom Lee, co-founder of Fundstrat Global Advisors and Wall Street’s crypto bull, spoke at the BlockShow Asia 2018 where he said that now is the golden time to get into crypto and stay there.

Permanent Bitcoin bull Tom Lee remains positive and has doubled down on his optimism for the future of cryptocurrencies.

Lee sees three main disruptions to be the reason for the present bear market. The first would be the crackdown on initial coin offerings by the U.S. Securities and Exchange Commission. The second reason is the Bitcoin Cash 'fork war', and last but not least, the greater meltdown in the traditional equities market, which is indirectly impacting the crypto market.

Related: Ethereum is about to 'rally strongly', says Bitcoin bull Tom Lee

However, according to Lee, cryptocurrencies are currently caught in a healthy bear market, which is helping to reset the price expectations from investors, and also help people in the industry build really high return value capture products.

Lee seems convinced that 2019 will bring some major catalysts to the market, which will propel the entire crypto ecosystem upwards and bring in more institutional investors, such as Bakkt and ICE.

Related: Bakkt CEO gives insight into the Starbucks partnership and the BTC futures delay

Lee said that the crypto market is 'bent, but not broken', and still has plenty of power and room to grow.

You can watch Tom Lee at the BlockShow Asia 2018 in the video below.

The number one cryptocurrency is currently trading at $3,887, down -6.37%, since yesterday.

Related: Bitcoin plunges below $4k, loses $2 billion market cap

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Read more about: Bitcoin (BTC) Tom Lee

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