Crypto recession alert: Mike McGlone signals troubles ahead
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...