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Home»Analysis»Stock Market Has To Collapse Before Bitcoin Comes Back to Life, According to Bloomberg Strategist – Here’s Why
Analysis

Stock Market Has To Collapse Before Bitcoin Comes Back to Life, According to Bloomberg Strategist – Here’s Why

2023-08-30No Comments2 Mins Read
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Bloomberg Intelligence’s senior macro strategist believes that risk assets like stocks need to crash before Bitcoin (BTC) jumps back to life.

In a new interview with crypto trader Scott Melker, Mike McGlone says Bitcoin is unlikely to take flight as long as the U.S. Federal Reserve keeps the money printer off.

“Here’s what I think the indication of the bad performance is – if you look at the overlay of Bitcoin versus [the Nasdaq], it typically outperforms when the liquidity pump is on, and it typically underperforms when the liquidity pump is off.

Relevant history is more relevant because it’s such a young asset, and the point is that the liquidity pump is clearly off, and it’s way off. I just looked at Fed fund futures – in one year they’re right around 5%. That shows no hope of getting this liquidity pump to go on.”

McGlone also tells his 59,800 followers on the social media platform X that the Federal Reserve may reverse its hawkish stance if the stock market melts down.

“Here’s a potential lose-lose. It’s unlikely the Fed will be adding liquidity anytime soon due to sticky inflation metrics. A top catalyst to trigger a pivot might be a reversal in what has helped buoy rates this year – the resilient stock market.”

The Bloomberg analyst highlights that Bitcoin is up 26,000x in 12 years and that BTC would still be one of the best-performing assets even if it loses over 63% of its current value.

“Heading back toward $10,000 would still maintain Bitcoin’s unprecedented performance.” 

At time of writing, Bitcoin is worth $27,711 and is up over 6% in the last 24 hours.

See also  SAVING BITCOIN ONLY WILL MAKE YOU RICH!!! [here is how!]

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bitcoin
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ethereum
Ethereum (ETH) $ 2,511.40
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.55
bnb
BNB (BNB) $ 668.35
solana
Solana (SOL) $ 176.38
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.235496
cardano
Cardano (ADA) $ 0.822027
tron
TRON (TRX) $ 0.275066