Advertisement
AD

Main navigation

Bitcoin May Be Entering Unstoppable Maturation Stage: Bloomberg's Chief Strategist

Advertisement
Wed, 19/10/2022 - 14:24
Bitcoin May Be Entering Unstoppable Maturation Stage: Bloomberg's Chief Strategist
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News
Contents
Advertisement

Mike McGlone, chief commodity strategist of Bloomberg, reckons that Bitcoin may have bottomed out and is showing divergent strength. In September, he tweeted that Bitcoin was going at a discount, when the Federal Reserve made yet another interest rate hike.

"Unstoppable maturation stage" for Bitcoin

McGlone believes that Bitcoin may be entering an "unstoppable maturation stage" at the moment. According to the screenshot, BTC is showing the lowest ever volatility versus the Bloomberg Commodity Index now.

The screenshot from a Bloomberg Intelligence report on oil and BTC says that Bitcoin may confirm its status as a risk-off asset this year as it has been more or less resistant to the chain of Fed interest rate hikes this year and continues to trade in the $19,000-$20,000 range.

Basically, the report repeated what McGlone has shared on his Twitter handle before: Bitcoin is pretty strongly tied up with the stock market and the U.S. economy overall. Last weekend, BTC demonstrated a pretty low level of volatility, which was likely as the market was waiting for S&P 500 index trading to open.

Related

Bitcoin price action

After the aforementioned BTC rise, when the asset's price went up to hit the $19,800 zone, it then managed to hold close to that level during the next couple of days, recovering to $19,600 on Oct. 18.

However, at the time of this writing, the digital gold has seen its price drop to the $19,220 price mark.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD