Tom Lee: Crypto a 'Squall' After Supreme Court Tariff Ruling

Fundstrat’s Tom Lee told CNBC’s The Exchange that the roughly 50% Bitcoin drawdown looks like a “crypto squall” driven by macro shocks rather than a structural collapse in blockchain networks. A US Supreme Court decision that struck down most of President Trump’s emergency tariffs initially sparked a relief rally, with investors seeing limits on executive powers and a split between tariff-affected stocks and those largely shielded.

The reprieve proved short-lived after Trump escalated alternative tariffs under Section 122 of the Trade Act, raising duties to 15% and prompting a risk-off rotation. Gold rose above $5,160 per ounce and silver approached $88, while Bitcoin slid below $65,000 and the broader crypto market lost more than $100 billion in 24 hours.

Lee pointed to parabolic growth in Ethereum’s daily transaction activity, accelerating tokenization and growing Wall Street integration as signs the market is expanding.

United States

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