With bitcoin becoming a global collateral, Bloomberg crypto strategist McGlone says he’s bullish about the flagship token bitcoin. In an interview which he says that the recent market situation of the flagship token has been in a seesaw movement which he expressed he’s optimistic view that the stock market macro landscape will have an impact in the growth of these digital assets.
McGlone went on saying that; Bitcoin, Ethereum, the Bloomberg Galaxy Crypto Index, I’m fully very bullish in the big picture, but very concerned about the ebbing tide to what I see in potentially a bear market in stocks So I view Bitcoin as global digital collateral in the world going that way and every single risk manager in the planet, every day that goes by, they all know ‘I have to have a piece of this.
From he’s explanation he says that the crypto market soley depends on the stock market which he says that if the stock market goes bearish it will affect the crypto market price negatively. As he says that the It’s just I’m still worried about a rug pull in the stock market. I mean, I fully expect a 20% drop in the S&P 500, and if I expect that, I expect crypto assets to suffer.
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