Crypto's moment of truth: July brings big test, warns Bloomberg's top macro expert bitcoin btc ethereum eth cryptocurrencies crypto $btc $eth mikemcglone11
Mike McGlone cautions that cryptocurrencies may face headwinds if the stock market is affected by Federal Reserve tightening and deflating commodities.
The Nasdaq 100 and Bloomberg Galaxy Crypto Index have both increased approximately two times since the end of 2017, but they may be prone to the impact of a quantitative tightening of liquidity, according toThe BGCI has witnessed a surge by more than 50% this year, compared to the stock index's 20%. This may imply optionality risks, with a soft landing somewhat priced in contrast to the potential for an elongated economic contraction, says McGlone.
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