Bloomberg Intelligence: Fed's Role in the "greatest rug pull ever
posted 16 Aug 2023
The current market landscape marks an unprecedented decline in liquidity, according to Bloomberg Intelligence's senior macro strategist, Mike McGlone.
If this pattern holds throughout 2023, he warns of a potential sharp descent in Bitcoin prices, which would ripple through Ethereum, XRP, and the general cryptocurrency domain.
“What should be early indications of recessionary times? The best indication should be bitcoin and that’s where I’m looking for the bleeding occasion from bitcoin and it’s still kind of showing what I expected.”
“Picture December: Recession looms, Fed hesitates on easing due to inflation,” said McGlone.
If this pattern holds throughout 2023, he warns of a potential sharp descent in Bitcoin prices, which would ripple through Ethereum, XRP, and the general cryptocurrency domain.
“What should be early indications of recessionary times? The best indication should be bitcoin and that’s where I’m looking for the bleeding occasion from bitcoin and it’s still kind of showing what I expected.”
“Picture December: Recession looms, Fed hesitates on easing due to inflation,” said McGlone.
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