The head of research at Fundstrat Global Advisors stands behind his call for bitcoin to rally to $25,000 by the end of the year, however.
Cryptocurrencies fell about 10 percent last week even though the Consensus conference drew thousands of crypto enthusiasts to New York, Bloomberg noted.
In a research note to clients, Lee said it seemed natural the conference would bolster cryptocurrency prices because it brought together the crypto community, allowing it to recognize its progress and welcome new members.
Explaining what went wrong, Lee said the crypto industry still needs more clarity from regulators as well as increased adoption by mainstream companies. Read more here.