Ethereum

Mike

United

Bitcoin

<p>Bloomberg senior macro strategist Mike McGlone has predicted a steep decline for <a href="https://en.coin-turk.com/intense-competition-for-top-spot-in-us-bitcoin-etf-market/" rel="noopener noreferrer nofollow">Bitcoin</a>, suggesting that the leading cryptocurrency could plunge to as low as $10,000 due to unfavorable macroeconomic conditions. While acknowledging the recent rally as a remarkable surge in historical terms, McGlone believes that such moves have often been followed by sharp corrections.</p>
<h2 id="tether-s-market-cap-momentum">Tether’s market cap momentum</h2>
<p>McGlone highlighted stablecoin <a href="https://en.coin-turk.com/tether-usdt-ends-support-on-multiple-networks-latest-update/" rel="noopener noreferrer nofollow">Tether</a>’s rapid growth, noting that USDT is on track to overtake Bitcoin in terms of market capitalization. Earlier in June, during a period of intense selling, USDT briefly surpassed <a href="https://en.coin-turk.com/ethereum-holds-steady-as-investors-eye-resistance-and-support-levels/" rel="noopener noreferrer nofollow">Ethereum</a> to become the world’s second-largest crypto asset by market value. As a dollar-pegged stablecoin, Tether is widely used in the crypto market for both trading pairs and liquidity provision.</p>
<p>Glossary: A stablecoin is a type of cryptocurrency whose value is typically tied to an asset like the US dollar. USDT is issued by Tether and serves as both a trading pair and liquidity instrument across crypto exchanges.</p>
<blockquote>
 <p>McGlone emphasized that the crypto market has embraced the dollar as its foundational layer, driving demand for US Treasury securities and reinforcing a logical technological framework.</p>
</blockquote>
<p>According to McGlone, this shift is an inevitable outcome of technological evolution within the sector. He pointed out that crypto assets are increasingly anchored to dollar-based systems, especially with reserves structured around US government bonds.</p>
<h2 id="macro-headwinds-challenge-risk-assets">Macro headwinds challenge risk assets</h2>
<p>McGlone argues that the primary challenges now stem from macroeconomic pressures. The Bloomberg strategist believes that risk assets like Bitcoin can be negatively affected by broader economic conditions, independent of political or regulatory developments. He pointed out that persistently high interest rates and tightening financial conditions may spark a fresh wave of selling across the crypto sector.</p>
<p>Labeling the recent surge as “historic,” McGlone cited prior market cycles where explosive gains were frequently followed by sharp pullbacks. He suggested that, much like classic speculative asset bubbles, the recent rapid appreciation in Bitcoin could set the stage for a similarly significant correction.</p>
<blockquote>
 <p>Reflecting on previous examples of market bubbles, McGlone noted that the extraordinary rally was matched only by the scale of corrections that typically followed.</p>
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<h2 id="interest-rates-inflation-and-shifting-political-calculus">Interest rates, inflation and shifting political calculus</h2>
<p>The strategist also contended that the political calculus in the United States is evolving quickly. He pointed out that the current administration might have recognized that record equity prices could be amplifying inflationary pressures on consumers. Within this context, McGlone explained that while higher rates can keep inflation in check, they simultaneously put downward pressure on bond yields.</p>
<p>In his analysis, McGlone argued that robust equity markets could indirectly influence voter sentiment. He added that overvalued financial assets, combined with cost-of-living pressures, could have tangible political consequences.</p>
<p>The post <a href="https://en.coin-turk.com/bitcoin-could-fall-to-10000-warns-bloomberg-strategist/" rel="noopener noreferrer nofollow">Bitcoin could fall to $10,000 warns Bloomberg strategist</a> appeared first on <a href="https://en.coin-turk.com" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Bitcoin could fall to $10,000 warns Bloomberg strategist

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