{"id":21891,"date":"2023-06-28T08:17:54","date_gmt":"2023-06-28T08:17:54","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/mcglone-suggests-bitcoin-fall-as-economic-recession-loom\/"},"modified":"2023-06-28T08:17:54","modified_gmt":"2023-06-28T08:17:54","slug":"mcglone-suggests-bitcoin-fall-as-economic-recession-loom","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/mcglone-suggests-bitcoin-fall-as-economic-recession-loom\/","title":{"rendered":"McGlone Suggests Bitcoin Fall as Economic Recession Loom"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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In a recent interview with Yahoo Finance\u2019s Julie Heyman, Bloomberg Intelligence\u2019s Senior Macro Strategist, Mike McGlone, has expressed concern that Bitcoin\u2019s recent rally might be short-lived due to impending economic recession and the asset\u2019s alignment with the stock market\u2019s performance. Bitcoin<\/a>, currently hovering around $30,000, received boost recently due to BlackRock\u2019s potential Bitcoin ETF<\/a> launch.<\/p>\n

\u201cThe key reason it had this bid recently because the BlackRock\u2013 the BlackRock application for ETFs. Most people think that means they will be approved in the US. But that\u2019s still an if statement. It might not happen this year,\u201d<\/em> said McGlone.<\/p>\n

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He went on to explain that Bitcoin\u2019s performance is a mirror reflection of the stock market\u2019s trends, rising with the liquidity boom after COVID-19 and now rebounding alongside the stock market. However, McGlone offers a word of caution for Bitcoin investors, warning that a potential U.S. economic recession could cause a significant drop in Bitcoin\u2019s value given its status as a risk asset.<\/p>\n

\u201cFor it to show divergence strength away from the stock market, I think it has to probably get through this recession, which we all know is coming. If you look at the yield curve, it\u2019s a matter of time. And to see if it can show divergence strength with the stock market going down as the Fed has pointed out. They are not going to be there to cut rates, which probably is bearish for equity markets,\u201d<\/em> McGlone cautioned.<\/p>\n

Expressing skepticism about Bitcoin\u2019s ability to hold its value above $30,000 in the near to medium term, McGlone stated, \u201cWell, I\u2019m much more worried that of the whole tide going out because of this recession and the risk that everybody\u2019s priced in for the bullish scenario.\u201d<\/p>\n

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On the subject of regulatory scrutiny<\/a> on cryptocurrency, McGlone views it as a temporary pushback against a revolutionary technology that is not yet fully understood. However, he believes that the crackdown is necessary to curb the space of excessive speculation.<\/p>\n

McGlone went on to say, \u201cIt\u2019s going to last for a while, but this is a revolutionary technology. And oftentimes, that\u2019s what humans do when something comes in that they don\u2019t understand. Which is OK. The key thing about the crackdown I think is prudent is we have to purge some of the massive speculation in space.\u201d<\/em><\/p>\n

Finally, the strategist discussed traditional commodities, notably oil, and how geopolitical tensions, like the recent coup attempt in Russia, influence their prices. He indicated that commodities are in a bear market, with the only potential commodity to perform well in the near future likely being gold, particularly if the world leans into a recession. \u201cI see crude oil is more likely to head towards 50, maybe even 40 priced on what has already happened\u2026 I think the best commodity might be continue to perform well in the next year or so is probably gold as we tilt towards recession,\u201d<\/em> McGlone concluded.<\/p>\n<\/p><\/div>\n

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(Originally posted on : Crypto News – iGaming.org ) In a recent interview with Yahoo Finance\u2019s Julie Heyman, Bloomberg Intelligence\u2019s Senior Macro Strategist, Mike McGlone, has expressed concern that Bitcoin\u2019s recent rally might be short-lived due to impending economic recession and the asset\u2019s alignment with the stock market\u2019s performance. Bitcoin, currently hovering around $30,000, received […]<\/p>\n","protected":false},"author":5,"featured_media":21892,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/21891"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=21891"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/21891\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/21892"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=21891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=21891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=21891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}