Bloomberg analyst calls the conditions for the decline of BTC and ETH rates
The US Federal Reserve System’s actions may contribute to this
17.04.2023 - 16:00
243
2 min
0
Bloomberg Intelligence senior macro strategist Mike McGlone is warning Bitcoin (BTC) and Ethereum (ETH) bulls that crypto and risk assets may be in for a correction.
McGlone shares a graphic with his Twitter following comparing ETH/BTC, the NASDAQ and the Federal Reserve money supply.
According to the analyst, the ETH/BTC pair may be acting as a leading indicator for risk assets, suggesting an incoming correction in the stock market and perhaps crypto as well.
Source: Mike McGlone/Twitter
McGlone says that markets may be adjusting to a developing period of disinflation brought on by the harsh reversal in monetary policy from the Federal Reserve.
“Don’t Blame $2,000 Ethereum, $30,000 Bitcoin. If risk assets peak, markets may be in early the days of adjusting to disinflation, which is normal in recessions, but the Federal Reserve may never loosen with the ease it has in the past. Enduring deflation could be reciprocal”
Source: Mike McGlone/Twitter
In a recent interview with Yahoo Finance, the Bloomberg analyst says that gold will likely be one of the best performing assets in the deflationary recession that he’s forecasting.
“I think it is pulling back a little today, but I think it’s inevitable that gold gets above this $2,000 an ounce level and never looks back. And the key catalyst is the stock market potentially rolling over…
So I see this as just the catalyst for gold to take off. It’s one of the few commodities I’m really bullish on because everything’s starting to tilt downward towards deflationary trends.”
This material is taken from the website https://dailyhodl.com.
Useful material?
Market
Earlier, Trump promised to include the first cryptocurrency in the country’s reserves if re-elected as president
Nov 7, 2024
Incidents
According to the publication, the platform’s activities fall under the definition of gambling
Nov 7, 2024
Market
According to the founder of TRON, the leading US crypto exchange asked for several hundred million dollars for the listing of TRX
Nov 4, 2024
Incidents
The company conducted fictitious trading for six years to inflate the trading volume of tokens of several companies, receiving payment for these services
Nov 1, 2024
Market
1,5 million addresses have already left applications
Oct 31, 2024
Business
The company began investing in bitcoin in 2020, and since then, the value of its securities has risen by 1700%
Oct 30, 2024