Tom Lee Says He Believes Markets Have Bottomed, Citing Tight AI Market

BitMine Chairman Tom Lee said Monday, Nov. 2, that he believed markets had bottomed, pointing to continued tightness in artificial intelligence (AI) and crypto prices’ muted response to Binance’s $6.3 billion loss estimate. Lee said hedge fund managers often warn that buying during a decline is risky because prices may fall further. He said the AI market had no excess capacity, while political resistance to additional spending had slowed growth without creating a market peak. Binance estimated losses at $6.3 billion after its hot wallets were compromised Oct. 29. Lee said crypto prices fell very little after the breach.