The crypto community, alongside the whole finance industry, is eagerly waiting for the U.S. Federal Reserve’s rate cut decision this week. Speculating on the potential outcome, BitMine Chairman Tom Lee stated that Bitcoin, Ethereum, Nasdaq 100, and small caps firms will be the biggest beneficiaries, if the Fed decides to cut rates.
According to Lee, Bitcoin and Ethereum “could make a monster move in the next three months” and it could be a standout trade after expected rate cuts.
Speaking on CNBC’s Closing Bell newscast, Tom Lee emphasized that two of the largest cryptocurrencies, Bitcoin and Ethereum, are monetary liquidity sensitive and seasonally strong. Both these digital assets can pull-off a huge move.
Lee’s BitMine manages the largest Ethereum treasury, consisting of a whopping 2.15 million ETH, worth approximately $9.72 billion. It aims to acquire 5% of the total ETH supply and the target has reached only as much as 36%, as per Strategic ETH Reserve data.
Once known as a vocal supporter for crypto and now considered a prominent voice, Lee also predicted recently that Bitcoin can easily touch $200,000 before the year-end.
BTC and ETH prepare for drastic moves
The Federal Reserve will be sharing its decision on September 17 and risk assets like BTC and ETH are witnessing prior impact. While BTC is currently trading within the weekly range, ETH has turned much volatile, given its recent spikes to a multi-month high.
According to CoinMarketCap data, BTC is currently trading at $115,500, spiking with a modest gain of 0.6% in the past 24 hours. ETH, On the other, is hovering around $4,500, up 3.56% in the past seven days.
Also Read: Crypto Execs to Gather in Washington to Support Bitcoin Reserve Act
