Tom Lee, one of Wall Street’s most well-known crypto bulls, is ‘pleasantly surprised’ that the bitcoin price remained stable over the past weeks, particularly when juxtaposed with the stock market’s recent swings. Bitcoin appears to have found a floor at $6,000. The market has yet to see the level of fiat inflows necessary to jolt bitcoin out of its rut, but Lee thinks that will change now that major financial players like Fidelity are rolling out crypto services for institutional investors.
- Will the inflow of institutional investors in crypto break bitcoin out of long rut?
Over the past several weeks, the bitcoin price has been uncharacteristically stable, even as equities have lost their footing and the global stock market has flirted with corrective territory.
Tom Lee, the founder of Fundstrat Global Advisors and one of Wall Street’s most well-known bitcoin bulls, said that he was pleasantly surprised by the drop in crypto volatility, particularly when juxtaposed with the stock market’s recent swings.
He told CNBC:
“It’s surprising given how small bitcoin is in terms of market cap. The total crypto market cap is $200 billion, on close to $90 trillion of global assets that have actually seen a correction…so I’m pleasantly surprised.”
That stability has come in the face of significant headwinds, not just from general trends in equities markets but also from a strengthening US dollar, which affects crypto since prices are still predominantly denominated in USD.