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Bloomberg senior commodity strategist Mike McGlone has warned that Bitcoin (BTC) could potentially fall to $40,000 despite currently trading above $100,000. McGlone tied his bearish outlook to broader macroeconomic trends, particularly the risk of deflation and a long-delayed recession that could weigh heavily on risk assets like Bitcoin, he said in an X post on June 3.  He pointed to a recent peak in the Bitcoin-to-gold ratio in May, suggesting it may have topped out, especially if U.S. equity markets begin to decline.  Bitcoin to gold ratio. Source: Bloomberg Intelligence “Bitcoin $40,000, Gold $4,000; Inflation vs. Deflation, Recession – The languishing price of Bitcoin vs. gold in 2025 may reflect anticipation of a typical cycle where deflation follows inflation,” he said.  The ratio, which recently hovered around 33, could narrow significantly if gold strengthens and Bitcoin weakens, a scenario McGlone views as increasingly likely. Wh...

During an important cabinet meeting taking place today, US President Trump has reportedly said he hopes that Federal Reserve Chair Jerome Powell will lower interest rates. Indeed, Trump expressed his dissatisfaction with the Central Bank’s decision to keep interest rates unchanged in March. The Federal Reserve has been fighting against inflation for the better part of two years. In a post-COVID economy, it had gotten that figure down closer to its 2% target. However, concerns surrounding the US economy’s trajectory led them to halt those efforts this month. Now, it is beginning to create a clash between Chair Powell and the 47th President. JUST IN: President Trump says he hopes Fed Chair Jerome Powell lowers interest rates. — Watcher.Guru (@WatcherGuru) March 24, 2025 Also Read: UAE Commits to 10-Year, $1.4T Investment in US After Trump Meeting President Trump Reiterates Desire for Federal Reserve to Lower Interest Rates The US economy has been stuck in a rather concerning ...

The cryptocurrency market experienced a massive crash on August 5, following macroeconomic news and other finance markets amid recession fears. Crypto short-sellers have increased their positions as a bearish sentiment surged, creating a favorable scenario for a short squeeze. Overall, derivatives crypto trading and open interest (OI) are leaning toward short positions, according to funding rates data from CoinGlass . The funding rate heatmap shows the top 30 cryptocurrencies ranked by OI have a clear dominance of negative funding APR. Essentially, a negative funding rate means short sellers must pay an APR on their positions to long-position traders. This is made to balance the market’s incentives and is a usual cause of short squeezes. The opposite happens with positive funding rates when bull traders pay the bears to keep their positions open. Picks for you ...

Mike McGlone, Commodity Strategist at Bloomberg, highlighted on X (formerly Twitter) on October 2, 2023, the concerning trend in the cryptocurrency market despite Bitcoin (BTC) rising above $28,000 on Monday.  McGlone noted that cryptocurrencies are currently grappling with the specter of a recession , and the third quarter’s weakness in the crypto space could either be a transient recovery blip or a more ominous sign of an impending recession . The prevailing sentiment, as indicated by the analyst, leans towards the latter possibility. “Crypto weakness in 3Q may be a recovery blip or a recession leaning. Our bias is the latter, as almost all risk assets gained in 2023 and rolled over into the quarter.” Cryptos face a potential recession. Source: Bloomberg Intelligence The rationale behind this perspective is rooted in the performance of various risk assets throughout 2023, which exhibited gains but subsequently experienced a downturn in the current quarter. Cr...