Bitcoin

Although the wave of major asset managers and other institutions filing for a spot Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) exchange-traded fund (<a href="https://finbold.com/guide/exchange-traded-funds-etfs/" rel="noopener noreferrer nofollow">ETF</a>) has sparked a surge of renewed optimism in the <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">cryptocurrency industry</a>, not everyone is certain that the <a href="https://finbold.com/guide/bull-market-definition/" rel="noopener noreferrer nofollow">bulls</a> will retain dominance, particularly at the forefront of other impactful developments.Specifically, <a href="https://finbold.com/topic/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> is facing its first <a href="https://finbold.com/guide/recession/" rel="noopener noreferrer nofollow">recession</a> and a potential equity <a href="https://finbold.com/guide/bear-market-definition/" rel="noopener noreferrer nofollow">bear market</a> in the United States, as it trails the recent Nasdaq 100 Stock Index gains and under the effect of federal funds futures in one year (FF13) that are “showing little potential for additional liquidity fuel,” Bloomberg’s <a href="https://finbold.com/guide/what-are-commodities/" rel="noopener noreferrer nofollow">commodities</a> specialist Mike McGlone <a href="https://twitter.com/mikemcglone11/status/1672219457513463809" rel="noopener noreferrer nofollow">said</a> on June 23.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/62575713adbe48fbba06df9ee9ccb333.png" />Bitcoin, Nasdaq, and FF13. Source: <a href="https://twitter.com/mikemcglone11/status/1672219457513463809" rel="noopener noreferrer nofollow">Mike McGlone/Bloomberg Intelligence</a>At the same time:<blockquote>“Bitcoin’s key pivot point has been around $30,000 since 2021 when most risk assets appreciated on the back of the biggest money-supply surge in history. That the liquidity rug-pull is still happening, with most central <a href="https://finbold.com/guides/banking/" rel="noopener noreferrer nofollow">banks</a> continuing to tighten in June, could be a headwind, even as risk assets have bounced on hopes for a mild US recession and easing by the Fed.”</blockquote>According to McGlone, physical <a href="https://finbold.com/guide/what-is-bitcoin-etf/" rel="noopener noreferrer nofollow">Bitcoin ETFs</a> are a matter of time, and the <a href="https://finbold.com/blackrocks-record-of-etfs-approved-by-the-sec-is-575-1/" rel="noopener noreferrer nofollow">application</a> by BlackRock (NYSE: <a href="https://finbold.com/stock/blackrock-stock-blk/" rel="noopener noreferrer nofollow">BLK</a>) could have sped this process up, but the actual launch of the first one may not happen before 2024, “and Bloomberg Economics’ expects the US to tilt toward recession in coming months.”<h2 id="header-0">Bitcoin price analysis</h2>As things stand, the maiden <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrency</a> is currently changing hands at the price of $30,158, recording a slight decline of 0.22% on the day but still handing onto the gains of 18.08% across the last week and 12.91% on its monthly chart, as per the most recent price data retrieved by Finbold on June 23.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/6e28bea515244245bde77cb74fcfb5b3.png" />Bitcoin 7-day price chart. Source: <a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">Finbold</a>Interestingly, the flagship decentralized finance (<a href="https://finbold.com/guide/liquidity-mining-definition/" rel="noopener noreferrer nofollow">DeFi</a>) asset has also managed to grow by as much as 75% since January 2023 when renowned television personality and host of the popular CNBC show ‘Mad Money,’ <a href="https://finbold.com/guide/who-is-jim-cramer/" rel="noopener noreferrer nofollow">Jim Cramer</a>, told <a href="https://finbold.com/guides/investing/" rel="noopener noreferrer nofollow">investors</a> to “get out of <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">crypto</a>,” as Finbold <a href="https://finbold.com/bitcoin-is-up-75-since-jim-cramer-told-investors-to-get-out-in-january/" rel="noopener noreferrer nofollow">reported</a> earlier on June 23.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.&lt;3Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Commodities expert warns spot ETFs ‘won’t shield Bitcoin’ from US recession

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