Bitcoin

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<p>In a <a href="https://twitter.com/mikemcglone11/status/1696837806717325439" rel="noopener noreferrer nofollow">recent post</a> on X (formerly Twitter), Bloomberg Intelligence Senior Commodity Strategist Mike McGlone offered an analysis that $30,000 may be the new $12,000 for Bitcoin.</p> 
<p>McGlone referenced both the potential for the U.S. to approve Bitcoin ETFs and concerns over the Federal Reserve's ongoing tightening policies as key factors.</p> 
<p>"The inevitable approval of #Bitcoin ETFs in the U.S is moving closer, but the elephant in the room for all risk assets remains -- the #Fed is still tightening despite the tilt toward economic contraction," McGlone posted on X.</p> 
<h2 id="bitcoin-briefly-recovers-to-28-000">Bitcoin briefly recovers to $28,000</h2> 
<p>Meanwhile, the cryptocurrency recently saw a significant recovery, reaching the $28,000 level, as noted by Glassnode cofounder Yann Allemann.</p> 
<p>The resurgence coincided with a U.S. court ruling in favor of Grayscale over the Securities and Exchange Commission (SEC). Allemann, posting under his X handle @Negentropic_, pointed out that Bitcoin surged 7% intraday on this news, also highlighting that the stock market similarly enjoyed a rally. "Grayscale's ETF prospects brighten, setting the stage for the potential approval of others like BlackRock. Green signals the day as BTCUSD rebounds to $28k on this positive update," he stated.</p> 
<h2 id="fed-chair-powell-warns-of-more-rate-hikes">Fed Chair Powell warns of more rate hikes</h2> 
<p>On a bearish note, Federal Reserve Chair Jerome Powell recently issued a warning about higher inflation, stating that the central bank is prepared to raise rates further if necessary.</p> 
<p>This announcement comes after the Fed hiked interest rates to their highest levels in 22 years, reaching between 5.25% and 5.5%.</p> 
<p>Despite this tightening, Bitcoin <a href="https://u.today/breaking-bitcoin-remains-steady-as-fed-raises-interest-rates-to-22-year-high" rel="noopener noreferrer nofollow">remained relatively stable</a>, suggesting that the cryptocurrency market may be becoming more resilient to traditional financial news.</p> 
<p>McGlone's comments hint at a more optimistic view for Bitcoin, especially if ETF approvals come through, but caution is advised due to persistent macroeconomic concerns.</p>

Bloomberg's McGlone on Bitcoin Price: $30K Is New $12K

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