Bitcoin briefly hit $73,200 early this morning and is now trading at $72,410. Ethereum also broke above $2,200, currently at $2,196.62. The Crypto Fear & Greed Index rose from 15 yesterday to 23, though still in the "extreme fear" zone. In the past 24 hours, $191 million in futures positions were liquidated, concentrated on shorts. With Trump rallying allies to escort the Strait of Hormuz, the Iran-oil situation appears to be under control.
Tom Lee: Oil Rise Is Bullish, Market Bottoming
BitMine Chairman Tom Lee told CNBC that tech stocks, including software names, are performing well. He specifically highlighted that rising oil prices are actually bullish for US stocks. One reason: the US is a net oil producer. When people worry that higher oil will drag global growth, they become more inclined to hold growth stocks, which pushes them to buy US equities — essentially a "growth index" led by MAG-7 and software.
Lee also believes the stock market is likely forming a bottom this month. Private credit issues have been around for a while and are now surfacing, but he said the situation is far less systemic than feared. Many immediately recall Lehman and the global financial crisis, but there are multiple reasons why this time is different: the market is much smaller, and current credit stress signals are nowhere near 2008 levels, so it won't become a systemic problem for the entire market or economy.