Bitmine Immersion Technologies’ chairman, Tom Lee, told CNBC that BMNR will continue buying between $50 million and $100 million of Ethereum every week.
- In an interview with CNBC, Tom Lee also said that oversold software stocks and the Magnificent 7 are also nearing a bottom.
- In light of the conflict between the U.S. and Iran, Lee expects the worst of the selloff to occur this week, with markets staging a recovery in March.
- He isn’t worried about Ethereum because he believes the fundamentals behind the altcoin are strong, and capital is currently focused on gold, silver, and other hard assets.
- “That isn’t always going to be the case,” he said, signaling that Ethereum’s price will catch up.
Tom Lee, the chairman of Bitmine Immersion Technologies (BMNR), said on Monday morning that he’s “not worried” about Ethereum (ETH) and expects the crypto market to rebound in March.
According to him, not just the crypto market but oversold software stocks and the Magnificent Seven are due for a recovery this month – they’ve either already bottomed or are close to hitting their low. “I think the worst of the selloff is going to happen this week. I would expect March to be an up month for the stock market,” Lee told CNBC during an interview.
Ethereum’s Price Will Catch Up In March
When asked if he was worried about Ethereum, Lee said Ethereum has strong fundamentals, and because so many tokenization projects are being built on the chain, the price will catch up once the market opens up.
“If it's all taking place on Ethereum, price follows,” he said. “But, we are in a crypto winter, so price doesn’t matter. Capital is looking at gold, silver, and other hard assets, but that isn’t always going to be the case.”
Ethereum led losses among crypto majors in early-morning trade, struggling to stay above $2,000. ETH’s price fell 1.7% in the last 24 hours to around $1,950, with retail sentiment around the leading altcoin on Stocktwits trending in ‘neutral’ territory over the past day.
Bitmine Plans To Stick With Ethereum Accumulation
BMNR’s stock edged 0.63% higher in pre-market trade while retail sentiment on Stocktwits around the digital asset treasury (DAT) dipped to ‘bearish’ from ‘neutral’ territory over the past day.
Lee said Bitmine will continue to buy between $50 million and $100 million of Ethereum every week, regardless of the price moves. The company has a goal to acquire 5% of Ethereum’s circulating supply. So far, it has acquired around 4.4 million ETH and usually announces its weekly update purchase later on Monday.
Why Is The Crypto Market Down?
Lee's comments after Bitcoin (BTC) posted back-to-back losses in January and February, something that has never happened before since the apex cryptocurrency’s inception. Bitcoin’s price traded flat in the last 24 hours at around $66,300 amid weakness in broader markets after the U.S. and Israel attacked Iran over the weekend. Retail sentiment around BTC remained in ‘bullish’ territory over the past day.
The overall crypto market edged 0.6% lower in the last 24 hours, to around $2.36 trillion. CoinGlass data showed around $318 million in crypto bets liquidated over the past day.
Read also: Crypto Market Tumbles – $350M Liquidated After Trump Vows To Continue Iran Strikes
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