Fundstrat’s Tom Lee says crypto is a ‘leading indicator’ for U.S. stock prices

The direction of crypto prices could inform the trajectory of the U.S. stock market, according to Tom Lee, Fundstrat Global Advisors’ head of research. Bitcoin on Thursday declined to levels not seen since April 21 , amid a broader market pullback that saw investors rake in profits from risk-on assets as hopes of an upcoming Federal Reserve interest rate cut lessened . Major U.S. indexes closed lower on Thursday, reversing earlier gains, as heavyhitter tech stocks lost steam even after Nvidia’s strong third-quarter results . The crypto and AI trade are closely linked, as investors who have significant holdings in…