Tom Lee says crypto market has already bottomed

Bitmine (BMNR) Chairman Tom Lee said in an interview with CNBC that the cryptocurrency market has already bottomed. Lee said crypto prices have recently risen despite negative factors such as the Federal Reserve’s hawkish rate outlook and high oil prices. Lee added ETH/BTC has been climbing, with ETH outperforming BTC. Lee also said recent exchange closures and a rise in forced liquidations are phenomena commonly seen at cycle bottoms. Since the start of July, ETH has risen 23%, while the semiconductor index SOXX has fallen more than 20%, Lee said. Lee added AI-related stocks remain strong, but the crypto market is showing strength separately from that trend.