Tom Lee: Cryptocurrency may currently be bottoming out, and the selling pressure is gradually losing momentum

Tom Lee stated during an interview on CNBC's "Squawk Box" on Monday that the sell-off in the crypto market may be gradually losing momentum. "All the conditions are in place, and cryptocurrencies may currently be bottoming out," Lee said, adding that he believes the fundamentals of the crypto industry remain strong, particularly emphasizing the increasingly active activity on the Ethereum network. "If that's the case, crypto asset prices should rebound accordingly," Lee said.

As of the time of writing, Ethereum has rebounded more than 10% from its earlier low of $2157 today, now priced at $2383.