Senior commodity strategist explains how Bitcoin’s slump exposed US stock market
Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, has shared the potential implications of Bitcoin’s (BTC) recent performance on the broader United States stock market. Particularly, in an August 10 X post, McGlone suggested that Bitcoin—a key indicator in the realm of risk assets—might be maturing rapidly, particularly in the context of US exchange-traded funds (ETFs). However, this maturation could be placing considerable pressure on the stock market. He pointed out that Bitcoin has experienced a notable decline from its previous highs, a trend McGlone believes is exposing vulnerabilities within the stock market. As of August 10, 2024, Bitcoin was trading at around $60,000, a level last seen in March 2021. Picks for you 2 cryptocurrencies to reach $1 billion market cap by the end of 2024 ...