Bitcoin Bounces Back: Tom Lee and iTrustCapital's CEO Say the Worst Is Over
Tom Lee and iTrustCapital's CEO, Kevin Maloney, are optimistic about Bitcoin's future after a tumultuous week that saw the failed CLARITY Act vote and a US interest rate hike. Despite these setbacks, Bitcoin has rebounded, trading at $86,423 on Tuesday, up from below $76,000 just a week ago.
iTrustCapital's CEO Maloney believes the crypto winter is over, citing that his firm now has clients investing idle cash again after holding about $350 million in client cash. He also sees Bitcoin's price reaching a crucial level if it closes above $85,000 on a weekly basis.
Fundstrat Capital's Tom Lee shares Maloney's optimism, stating that the rate hike is not a sign of further tightening, but rather a peak. He points to changes in inflation measurement due September 30, which he believes will show a reduction in the Feds preferred gauge, PCE inflation rate.
Not everyone agrees with Lee and Maloney's views, however. The Federal Reserve's projections indicate that 16 of 18 officials expect another hike this year, and investors have pulled $450 million from Bitcoin exchange-traded funds (ETFs) on September 15.