Markdown
Federal Reserve policy may lead to Bitcoin correction
The Federal Reserve’s policy to fight inflation may lead to a correction in the cryptocurrency market, according to Bloomberg Intelligence’s Mike McGlone.
Bitcoin (BTC) will no longer be a risk asset and investors should brace for a price correction, McGlone said.
McGlone, a senior commodity strategist at Bloomberg Intelligence, stated that the Federal Reserve’s efforts to reduce inflation and decrease asset purchases will lead to a decrease in the market.
“The number one theme I’ve been using for months now is ‘Do not fight the Fed,’” he said.
McGlone noted that if the Federal Reserve continues to fight inflation, it will lead to a decrease in asset prices, including Bitcoin.
Correction Expected
The Federal Reserve’s policy to fight inflation may lead to a correction in the cryptocurrency market, according to Bloomberg Intelligence’s Mike McGlone.
Bitcoin (BTC) will no longer be a risk asset and investors should brace for a price correction, McGlone said.
McGlone stated that the Federal Reserve’s efforts to reduce inflation will lead to a decrease in the market.