Name Symbol Market Market Cap ($) Algorithm
TRON TRXUSD Crypto 5,839,091,244 Not Mineable
  Price Change Price Change % Current Price Bid Price Offer
  -0.001453 -2.25% 0.063194 0.063224 0.063311
High Price Low Price Open Price Prev. Close 52 Week Range
0.064974 0.062355 0.064647 0.064647 0.046815 - 0.129271
Exchange Last Trade Size Trade Price Currency
GATE 15:55:56 4.39 0.063194 USD
Price x Volume Volume Base Symbol Related Pairs
472,021.33 7,418,744.97 TRX TRXEUR TRXGBP TRXBTC

How Bitcoin Could Strengthen From A 10% Correction In The Stock Market

19/01/2022 6:00pm


The party across global market might be coming to an end with Bitcoin positioned to be one of the assets with the potential to come on top. The shift in the U.S. Federal Reserve monetary policy will ripple across the stock market as interest rates spike and they reverse their asset purchase program. Related Reading | TA: Bitcoin Reaches Key Juncture, Why Recovery Won’t Be Easy At least, that’s how Mike McGlone, Senior Commodity Strategist for Bloomberg Intelligence views it. In a recent interview with Scott Melker’s “The Wolf Of All Streets” podcast, McGlone talked about Bitcoin as a risk-on asset, inflation, and the potential correction that will hit markets because of the change in FED policy. The expert reminded investor of the old adagio “Don’t Fight the Fed” which in the current macro-environment could translate to “don’t long risk assets”. For Bitcoin, this shift could lead it to transform from a risk on to a risk off asset. McGlone said the following on the financial institution’s coming policies to decrease inflation, sitting at its higher levels in 40 years, and what it could mean for Bitcoin in the long run: (…) the lesson I learned about the FED, what I think is happening in this case, is that will job on until the market does their job for them or they have to keep raising rates until markets go backwards, which mean the stock market (…). I think the game is over (for stocks). They (the FED) will be restraining until markets tell them to stop, but I think Bitcoin will come up better off. In that sense, the expert predicted a massive 10% to 20% correction in the stock market which would result in a 1:1 correlation event with risk assets. This event’s impact on BTC’s price could be short live, as it could for Ethereum (ETH), but the altcoins sectors might be heavily hit with some of the latest popular cryptocurrencies returning to their previous lows. What Happened To The Bitcoin Bull-run? On the alleged correlation between Bitcoin and the stock market, McGlone claimed there is insufficient data to support this theory. The benchmark crypto, the expert said, has only been part of the mainstream for a few years. McGlone pointed out that Bitcoin (BTC) is one of the few assets with strong fundamentals, which are only getting stronger. The crypto asset’s supply is on a sustain decline, with a rising demand, and a reduction in volatility, “there is not too many asset that can say that”. Crypto dollars – #Crypto assets exemplify global free-market capitalism, and a top winner has been the dollar. Mainstays #Bitcoin, #Ethereum and crypto dollars are poised to stay atop the ecosystem vs. about 16,000 rivals jockeying for speculative leadership — Mike McGlone (@mikemcglone11) January 16, 2022 The first crypto by market cap has been stealing the shine from traditional hard assets, such as gold, while it increases its adoption levels, and it is included in some of the world’s largest companies’ balance sheets. Despite these facts, the price of Bitcoin seems to have made a full stop on its bullrun. However, McGlone believes the follow trough will come with time. At the moment, BTC adoption could be “burdensome” for large investors, but the expert expects time to become a headwind for the cryptocurrency. He added: I’m always skeptical of bull markets that are so extremely bullish, like the stock market right now (…). Then I look to this other asset (Bitcoin), it’s new, it’s just being adopted, demand is going up, supply is going down, which one do I want to be allocated to in the big picture? Related Reading | Bitcoin Millionaires Are Flocking To This North American Tax Haven. But What Do The Locals Think? As of press time, BTC’s price trades at $42,010 with sideways movement in 24-hours.

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