Wall Street analyst Tom Lee predicted Saturday that the Supreme Court’s decision to strike down President Donald Trump’s tariffs would spark gains in technology, software and cryptocurrency markets.
Crypto Market To Benefit?
Speaking to CNBC, Lee expressed his belief that investors would likely “breathe a sigh of relief” that the ruling puts limits on executive powers.
“I think this is going to help revive the technology, software, and even the crypto trade because those groups have been largely shielded from the original tariff impacts, and they’re not going to have any clouds of them over the unwind or the Supreme Court ruling,” the Fundstrat co-founder stated.
Lee expected stocks to bifurcate between those largely unaffected by these tariffs and those with potential upsides, but with “uncertain timing.”
Leading Coins, Stock Futures Catch Cold
Initial reactions to the decision suggested otherwise. Leading tokens, including Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), plunged overnight Sunday, mirroring declines in stock futures.
Notably, President Donald Trump announced a new 15% global tariff following the Supreme Court’s ruling that his emergency tariffs violated congressional trade authority. He criticized the ruling and vowed to pursue other legal avenues to advance his trade policies.
Is The Bottom Near?
Lee, who also chairs Bitmine Immersion Technologies Inc. (NYSE:BMNR), said last week that the ongoing “cryptocurrency winter” is nearing its end, and Bitcoin and Ethereum are close to hitting their lows.
Widely followed crypto analyst Ali Martinez, however, predicted “the final leg down” for Bitcoin’s cycle, potentially dragging it 30% from current levels
Price Action: At the time of writing, BTC was exchanging hands at $65,092.73, down 4.23% over the last 24 hours, according to data from Benzinga Pro. ETH traded down 5.41% to $1,865.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
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