Crypto Market News Today, December 5: Tom Lee Calls Crypto Bottom as Bitmine Buying More ETH and BTC USD Holds Above $92K

The Binance Blockchain Week event in Dubai featured a significant debate between Binance founder Changpeng Zhao and Bitcoin critic Peter Schiff, focusing on the comparative merits of Bitcoin and gold. Zhao argued for Bitcoin's advantages in adoption, utility, and global reach, while Schiff defended gold as a stable asset. The debate showcased the ongoing tensions between traditional and digital asset advocates.

Data from Binance indicates shifting liquidity patterns and unique trader positioning, which could significantly influence Bitcoin's next price movement. Recent trends show Bitcoin has reclaimed the $93,000 level, suggesting a potential market rebound after a period of bearish sentiment.

Bitcoin has recently experienced a significant liquidity injection of $13.5 billion from the Federal Reserve, marking the end of its quantitative tightening program. This move has led to a notable increase in the total cryptocurrency market cap, which has risen by over $250 billion since early December. The injection is seen as a potential catalyst for a bullish trend in Bitcoin and the broader crypto market.

Matrixport has withdrawn $352.5 million in Bitcoin from Binance, coinciding with Bitcoin's price holding above $92,000 after a recent market rebound. This significant outflow reflects a strategic move amid fluctuating market conditions, as analysts remain divided on the sustainability of the current price levels.

Ethereum has shown signs of accumulation, maintaining a price above $3,150 as the market transitions into a more bullish phase following a period of significant selling pressure. Recent data indicates a rise in the Cumulative Volume Delta (CVD), suggesting increased buying activity despite ongoing volatility.

Total Bitcoin futures open interest is experiencing a gradual decline, indicating a quiet de-leveraging across major trading platforms such as CME and Binance, rather than a state of panic among investors. This trend suggests a measured reduction in leverage, reflecting a more stable market environment despite elevated open interest levels.

Changpeng Zhao (CZ) and Peter Schiff engaged in a public debate regarding the merits of Bitcoin versus tokenized gold, highlighting fundamental issues of trust and utility in the future of money. This confrontation reflects ongoing tensions between advocates of cryptocurrency and traditional asset supporters.

Tom Lee, co-founder of Fundstrat Global Advisors, has forecasted that Ethereum could reach $20,000 as the cryptocurrency market experiences a surge in tokenization, indicating a potential breakout from its long consolidation phase. This prediction comes amid a broader market recovery, with Ethereum recently reclaiming the $3,000 mark after significant inflows into exchange-traded funds.