Tom Lee Calls The End Of Crypto Winter Once Again, BitMine Chair Says Ethereum Performing As 'Wartime' Store Of Value

Benzinga_recent_news05-12 15:32

BitMine Immersion Technologies Inc. (NYSE:BMNR) Chair Tom Lee said on Monday that the “cryptocurrency winter” is nearing its end, paving the way for a “cryptocurrency spring.” In his latest message to...

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Ethereum has closed up three consecutive months in a row,” the Wall Street analyst said. “In other words, the fact that we’re up three months in a row means crypto winter is over.”\nThat said, Lee acknowledged the “fog of war” caused by the geopolitical pressures of the Iran conflict.\nLee further emphasized Ethereum’s strong performance since the beginning of the Iran war, with gains of more than 19%.\n“It’s performing as a wartime store value,” he added.\nLee is known for releasing these projections from time to time. He said in mid-February that cryptocurrency winter could end by April at the latest. In March, he declared that the cryptocurrency market had moved past its winter phase and could climb in the rest of the month.\nLee’s remarks coincided with BitMine’s decision to slow down its Ethereum acquisitions last week. The firm bought 26,659 ETH last week, down 75% from its recent weekly average of 100,000 ETH\nPrice Action: At the time of writing, ETH was exchanging hands at $2,310.69, down 1.17% in the last 24 hours, according to data from Benzinga Pro.\nBitMine shares were down 1,74% in overnight trading after closing 3.83% higher at $23.02 during Monday’s regular session. \nThe BMNR stock showed a weaker medium- and long-term price trend but strong short-term performance, according to Benzinga's Edge Stock Rankings.\nDisclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.\nPhoto Courtesy: Avi Rozen on Shutterstock.com\nTo add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.2","shortVersion":"4.42.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2634029276","isCrawlerRequest":true}