Crypto Headliner Tom Lee: “Dow Jones, US Stock Market Currently Going Through A Midlife Crisis”
Tom Lee: “US Stock Market Currently Going Through A Midlife Crisis”
Never one to shy away from making bold statements, Fundstrat’s Tom Lee once again appeared on national television yesterday to speak against the Federal Reserve’s recent move to hike its interest rates. While Lee does not believe that the ongoing stock market sell-off is indicative of a massive incoming recession, he did go onto say that future of the traditional financial market looks “ugly and bleak”.
Also, while appearing on CNBC’s ‘Fast Money’, Lee was questioned regarding his bold BTC predictions— wherein he had claimed that the premier asset would soar to above the $20K mark by the end of 2018. In regards to the matter, he was quoted as saying:
“This year may not be that great, we hoped for a rally into year-end…it didn’t happen.”
Apple’s Losses Are Just The Beginning
As many of our regular readers may already be aware of, over the course of the past few days, Apple’s projected revenue and share prices have dipped significantly— thereby triggering a massive market sell-off.
On the subject, Lee noted:
“I think a lot of things have happened in the last couple of weeks. I think probably the deadliest has been what the Fed has done. I think the Fed has really undermined liquid markets. […] That’s really worsened trading dynamics.”
It should also be pointed out that Lee is not the only one to call out the Fed on their recent string of questionable moves, as earlier this week, even President Trump came forth and let it be known that it was because of the Federal Reserve's bad choices all through 2018 that the Dow Jones and other markets were suffering from immense bearish pressure.
“This is the most dangerous time for the Fed to hike, the December hike shouldn’t have happened.”
More On The Matter
Continuing to elaborate on the current state of the traditional stock market, the Head of Fundstrat was quick to point out that as a result of the recent interest rate hike, the Fed has basically forced investors to “liquidate their positions as well as force a shrinkage within the market at large”.
Not only that, Lee also added:
“I think one of the structural shifts taking place globally is China’s contribution to global growth is actually shrinking relative to the U.S.”
As things stand, China's economy too seems to be on the slide (at least over the course of the past few weeks and months). This is in part due to the shrinking sales of premier smartphones that are manufactured and produced within the country.
With that being said, it now remains to be seen how the recent stock market slippage affects the crypto industry at large.