Bloomberg Analyst Isย warning of Bitcoinย (BTC) Correction and Probable Liquidity Crisis
Bloomberg Intelligence senior macro strategist Mike McGlone has raised concerns about Bitcoinโs recent correction and what itย might signify for the digitalย currency market. In a tweet to his followers, McGlone impliesย that the rise of cryptocurrency during a period of zero interest rates could pose dangers as loose monetary policies reverse. He notesย that that Bitcoinโs price fall, regardlessย of theย capacity approval of exchange-traded funds (ETFs), may indicate an impending liquidity crisis. McGlone believes that the reversal of zero interest rate policies and growing rates could lead to an economic reset, causing Bitcoinโs relative weakness. His analysis is based on Bitcoinโs historical appreciation from $1 to its record-breakingย peak. Bitcoinย (BTC) is asย ofย now currentlyย worth $26,226, with a 1.9% increase in the last 24 hours.
Hot Take: Bitcoinย (BTC) Correction Signals Probable Liquidity Crisis
Bloomberg Intelligenceโs Mike McGlone raises concerns about Bitcoinโs recent correction and suggests itย might be a warning sign of a liquidity crisis. He notesย that that the rise of cryptocurrency during a period of zero interest rates may pose dangers as loose monetary policies reverse. Bitcoinโs price fall, regardlessย of theย capacity approval of ETFs, mayย be an indication of the upcoming crisis. McGlone believes that growing rates could lead to an economic reset, causing Bitcoinโs relative weakness. This analysis outlines theย capacity impact of changing monetary policies on the digitalย currency market and impliesย that investors should be cautious in theย present environment.
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