Crypto
Ethereum Surges as Tom Lee Predicts 'Face-Ripper Rally' for Short Sellers
The price of Ethereum (ETH) surged by 7.46% on September 11, reaching $2,619.0 and showing strong upward momentum.
Fundstrat co-founder Tom Lee described this surge as the beginning of a massive 'face-ripper rally' for short sellers, which has direct financial significance for him since his company is the world's largest corporate holder of Ethereum.
The catalyst behind this sharp move in the cryptocurrency market was the release of the August U.S. Consumer Price Index (CPI), which caused brief market fluctuations and a jump in Treasury yields before markets quickly turned higher.