{"id":23312,"date":"2023-09-07T10:07:20","date_gmt":"2023-09-07T10:07:20","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bloomberg-analyst-discusses-bitcoin-and-nasdaqs-drifting-relationship\/"},"modified":"2023-09-07T10:07:20","modified_gmt":"2023-09-07T10:07:20","slug":"bloomberg-analyst-discusses-bitcoin-and-nasdaqs-drifting-relationship","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bloomberg-analyst-discusses-bitcoin-and-nasdaqs-drifting-relationship\/","title":{"rendered":"Bloomberg Analyst Discusses Bitcoin and Nasdaq’s Drifting Relationship"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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Bloomberg Intelligence\u2019s senior macro strategist, Mike McGlone, foresees potential economic challenges. Analyzing Bitcoin\u2019s performance, he highlights alarming trends that suggest we might be heading into uncertain financial times.<\/p>\n

Bitcoin vs. Nasdaq: The Divergence<\/h2>\n

McGlone shared with his vast audience on social media platform X about Bitcoin\u2019s unsettling disparity with the Nasdaq 100 Stock Index. With Bitcoin<\/a> dipping by around 15% in the third quarter up to September 1st, as opposed to Nasdaq\u2019s 2% rise, McGlone senses possible upheaval. He states, \u201cBitcoin has dropped about 15% in third quarter to September 1st vs. a 2% gain in the Nasdaq 100 Stock Index. Weakness in the benchmark crypto could be a precursor for a normal stock market drawdown in a recession or simply falling behind. My bias is the former, notably when considering how far risk assets have come since the financial crisis and what got them to current levels \u2013 very low-interest rates.\u201d<\/p>\n

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Interest Rate Hikes on the Horizon<\/h2>\n

The federal funds futures rate, reflecting investors\u2019 sentiment on impending federal funds rates at contract\u2019s end, insinuates more impending Federal interest rate boosts. This could add to the financial volatility.<\/p>\n

The Bitcoin-Nikkei Connection<\/h2>\n

McGlone also points out Bitcoin\u2019s performance parallels with Japan\u2019s Nikkei 225 index, adding to his crypto concerns. Drawing attention to the alignment, he mentions, \u201cBitcoin has had a close directional relationship with the Nikkei 225, and recent crypto weakness may portend contagion. That or the benchmark crypto might recover and follow the path of the Nikkei, which reached a 33-year high in June. Our bias is to heed the leading-indicator inklings of Bitcoin and respect the downward-sloping 100-week moving average.\u201d<\/p>\n

McGlone does suggest a ray of hope, mentioning that if Bitcoin can recapture the $31,000 mark, it could spell a bullish turn. However, with central banks, including the Fed, in a tightening mode, he expects Bitcoin\u2019s decline to persist. At the moment, Bitcoin\u2019s value stands at $25,732, as per CoinMarketCap<\/a>\u2018s records.<\/p>\n

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(Originally posted on : Crypto News – iGaming.org ) Bloomberg Intelligence\u2019s senior macro strategist, Mike McGlone, foresees potential economic challenges. Analyzing Bitcoin\u2019s performance, he highlights alarming trends that suggest we might be heading into uncertain financial times. Bitcoin vs. Nasdaq: The Divergence McGlone shared with his vast audience on social media platform X about Bitcoin\u2019s […]<\/p>\n","protected":false},"author":5,"featured_media":23313,"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\/23312"}],"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=23312"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23312\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/23313"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=23312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=23312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=23312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}