Tom Lee, co-founder of Fundstrat, believes the wave of cryptocurrency exchange shutdowns is a major indicator of an upcoming market bottom. BitMart, one of the world’s largest exchanges, and BitMEX, formerly dominant in BTC perpetual swap trading, have both announced they will cease operations. Changpeng Zhao, founder of Binance, also chimed in with a now-deleted tweet supporting this view. Despite BitMart’s massive unrealized losses, Lee remains extremely bullish on Ethereum, with a long-term target of $250,000, comparing its potential to Amazon, Nvidia and JPMorgan.
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