$Bitmine Immersion Technologies (BMNR.US)$ Crypto markets go...

Crypto markets got hit hard on October 11 after President Trump announced new trade tariffs on China. Over $19 billion in largely leveraged crypto futures positions were liquidated and the prices of many digital coins and tokens plunged.

Major coins and tokens like Bitcoin and Ethereum have since recovered some ground but are still well below their all-time highs.

Lee is the force behind BitMine's ETH buying strategy, which gives investors exposure to the token without the burdens of holding it directly. BitMine is aiming to acquire 5% of the total ETH supply.

In a statement, BitMine Chairman and Fundstrat Global Advisors Managing Partner Tom Lee noted ETH's price drop, part of a wider crypto market swoon last week.

"The crypto market saw one of its largest deleveraging events ever last week and this put downward pressure on ETH prices," he said.

In a Myriad market, nearly 60% of respondents believe that ETH will hit $5,000 before gold does. (Myriad Markets is a product of DASTAN, the parent company of an editorially independent Decrypt.)