Tom Lee attributes market slump to strained market maker liquidity

Tom Lee, Chairman of Bitmine (BMNR), has attributed the recent crypto market downturn to reduced operating funds and selling pressure from market makers following a record-breaking forced liquidation event in mid-October. In a CNBC interview, Lee stated that market makers are facing a difficult period and have reduced their trading activity due to diminished capital from last month's liquidations, Cointelegraph reported. He suggested the market could experience a few more weeks of difficulty until these liquidity issues are resolved. Lee noted that a similar problem in 2022 took about eight weeks to fully resolve and that the current market is now in its sixth week.