Bloomberg Analyst Is warning of Bitcoin (BTC) Correction and Probable Liquidity Crisis
Bloomberg Intelligence senior macro strategist Mike McGlone has raised concerns about Bitcoin’s recent correction and what it might signify for the digital currency market. In a tweet to his followers, McGlone implies that the rise of cryptocurrency during a period of zero interest rates could pose dangers as loose monetary policies reverse. He notes that that Bitcoin’s price fall, regardless of the 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 Bitcoin’s relative weakness. His analysis is based on Bitcoin’s historical appreciation from $1 to its record-breaking peak. Bitcoin (BTC) is as of now currently worth $26,226, with a 1.9% increase in the last 24 hours.
Hot Take: Bitcoin (BTC) Correction Signals Probable Liquidity Crisis
Bloomberg Intelligence’s Mike McGlone raises concerns about Bitcoin’s recent correction and suggests it might be a warning sign of a liquidity crisis. He notes that that the rise of cryptocurrency during a period of zero interest rates may pose dangers as loose monetary policies reverse. Bitcoin’s price fall, regardless of the capacity approval of ETFs, may be an indication of the upcoming crisis. McGlone believes that growing rates could lead to an economic reset, causing Bitcoin’s relative weakness. This analysis outlines the capacity impact of changing monetary policies on the digital currency market and implies that investors should be cautious in the present environment.
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