2024

Bitcoin

Tornado Cash

Grayscale Bitcoin Trust

<ul>
 <li>McGlone thinks it’s totally wrong for the market to think the Fed would lower interest rates.</li>
 <li>If the expert is correct, long Treasury bonds and gold will prosper in this climate.</li>
</ul>
Mike McGlone, a senior commodity analyst at Bloomberg, predicts that <a href="https://thenewscrypto.com/bitcoin-mining-firm-core-scientific-to-resume-nasdaq-trading/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> would underperform the stock market in 2024 when adjusted for risk, while gold could emerge victorious.
In spite of the optimistic talk around the impending Bitcoin halving and the recent approval of spot Bitcoin ETF, the biggest cryptocurrency may not be able to hit new all-time highs in 2024 due to macroeconomic issues.
Specifically, <a href="https://twitter.com/mikemcglone11?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor" target="_blank" rel="noopener noreferrer nofollow">McGlone</a> thinks it’s totally wrong for the market to think the <a href="https://thenewscrypto.com/goldman-sachs-revises-feds-first-interest-rate-decrease-prediction/" target="_blank" rel="noopener noreferrer nofollow">Fed</a> would lower interest rates, which normally boosts risk-on assets like Bitcoin.
<h3 class="wp-block-heading" id="h-dramatic-change-in-momentum">Dramatic Change in Momentum</h3>
He made the argument that the Fed would not loosen as much as it has in the past due to the inflation it caused by easing too much. The stock market, according to McGlone’s prediction, could fall this year when the United States economy enters a recession. In this kind of setting, the leading indicator for risk assets, Bitcoin, is anticipated to do poorly.
If the expert is correct, long Treasury bonds and gold will be the assets that prosper in this climate. Bears now have the upper hand in the Bitcoin market, which is seeing a dramatic change in momentum due to the increase in selling pressure. A key player propelling this trend is the renowned asset manager <a href="https://www.grayscale.com/" target="_blank" rel="noopener noreferrer nofollow">Grayscale</a>, which is well-known for managing the Grayscale Bitcoin Trust (GBTC).
Bitcoin prices briefly rose due to early enthusiasm around spot Bitcoin ETFs, but then fell below $40,000 in the days that followed. The total market capitalization of the cryptocurrency market fell 2.3% as a whole, while ETF issuers were in a cutthroat race to entice investors with cheaper fees and promotional incentives.
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/snowden-backs-tornado-cash-developers-legal-defense-fund-plea/" target="_blank" rel="noopener noreferrer nofollow">Snowden Backs Tornado Cash Developers’ Legal Defense Fund Plea</a>

Prominent Analyst Predicts Bitcoin Underperformance in 2024

Зміст

TheNewsCrypto

Інші статті, опубліковані 24 січ. 2024 р.

Magic Eden Launches A New NFT Reward Program On Solana – Magic NFT Tickets Pump 3%

Aave V3 Deployment on Solana Approved by 83% Majority

‘We want to have a strong share in Kenya’s online learning market’- AltSchool Africa on launching...

Key Highlights of GameFi in 2024: Analyzing the Current State and Security Challenges

MetaMask’s Confidential Initiative May Revolutionize Ethereum’s Functionality

Ripple Lawsuit Against GCC Exchange Reach Confidential Settlement in Legal Dispute

Приєднуйтеся до нашої безкоштовної розсилки для отримання щоденних оновлень щодо крипто!