Bitcoin Bounces Back: Tom Lee and iTrustCapital CEO See Bottom of Crypto Winter
Bitcoin's recent price action has left many investors wondering if the worst is behind them. Tom Lee, chief investment officer at Fundstrat Capital, and Kevin Maloney, CEO of iTrustCapital, both believe that the crypto market has bottomed out.
Maloney said that his firm, which holds about $350 million in idle client cash, saw significant portions invested again after a long crypto slump. He added that a weekly close above $85,000 would put Bitcoin in a good position.
Tom Lee pointed to the change in how the government measures inflation, due September 30, and said economists expect it to cut the Personal Consumption Expenditures (PCE) inflation rate from 3.4% to near 3%. He stated that the Fed 'can't get any more hawkish than this.'
The recent interest rate hike and failed crypto bill, the CLARITY Act, did not stop Bitcoin's rebound. It traded at $86,423 on Tuesday, up from below $76,000 a week ago.