Bitcoin

With Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) continuing to trend around the $31,000 area it reached following multiple spot <a href="https://finbold.com/topic/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> exchange-traded fund (<a href="https://finbold.com/guide/exchange-traded-funds-etfs/" rel="noopener noreferrer nofollow">ETF</a>) applications by renowned organizations, Bloomberg’s <a href="https://finbold.com/guide/what-are-commodities/" rel="noopener noreferrer nofollow">commodities</a> expert has analyzed its possible fate in the second half of 2023.As it happens, Mike McGlone noted that the flagship decentralized finance (<a href="https://finbold.com/guide/liquidity-mining-definition/" rel="noopener noreferrer nofollow">DeFi</a>) asset’s gain of 84% in the first half of 2023 “was about double that of the Nasdaq 100 and consistent in annual volatility (risk-adjusted),” according to the observations he <a href="https://twitter.com/mikemcglone11/status/1676986752991391745" rel="noopener noreferrer nofollow">shared</a> in a tweet on July 6.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/a2166d21adfb4f5c91f2c84ed4d43461.png" />Bitcoin versus Nasdaq 100 index. Source: <a href="https://twitter.com/mikemcglone11/status/1676986752991391745" rel="noopener noreferrer nofollow">Mike McGlone/Bloomberg Intelligence</a>At the same time, he believes that it is the second half of 2023 “that may define the benchmark <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">crypto</a> as a high-beta version of the <a href="https://finbold.com/category/stocks-news/" rel="noopener noreferrer nofollow">stock market</a>, or for its potential to be digital gold in a world going that way.” In McGlone’s opinion:<blockquote>“Our bias is somewhat in the middle. We view a true test of Bitcoin is likely to come when the stock market enters a <a href="https://finbold.com/guide/bear-market-definition/" rel="noopener noreferrer nofollow">bear market</a> at some point, typical in US <a href="https://finbold.com/guide/recession/" rel="noopener noreferrer nofollow">recessions</a>.”</blockquote>According to him, considerable Fed easing accompanied the 50% S&amp;P 500 drawdowns in the two major economic contractions since the start of the millennium, but “that may have changed” as “the Fed is unlikely to ease due to stubborn inflation.” As he added, Bloomberg’s graphic “shows Bitcoin hovering at the $30,000 pivot but trailing the Nasdaq’s 2Q rush.”<h2 id="header-0">Bitcoin price analysis</h2>Meanwhile, Bitcoin was at press time changing hands at the price of $30,073, recording a decline of 4.19% in the last 24 hours and a 2.45% drop over the previous seven days but still clinging on to the 12.17% gain on its monthly chart, according to the data retrieved by Finbold on July 7.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/00cb4b4b7d1445dca60d43fb4074eac5.png" />Bitcoin 30-day price chart. Source: <a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">Finbold</a>Interestingly, Larry Fink, the CEO of the world’s largest asset manager BlackRock (NYSE: <a href="https://finbold.com/stock/blackrock-stock-blk/" rel="noopener noreferrer nofollow">BLK</a>), which has started the wave of spot <a href="https://finbold.com/guide/what-is-bitcoin-etf/" rel="noopener noreferrer nofollow">Bitcoin ETF</a> applications, has recently taken a more aggressive pro-Bitcoin stance, publicly <a href="https://www.foxbusiness.com/video/6330640643112" rel="noopener noreferrer nofollow">touting</a> the maiden <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrency</a> as digital gold.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read 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 predicts Bitcoin’s fate in H2 2023: Digital gold or volatile Nasdaq companion?

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