1 year ago
The illness of Sam Bankman-Fried's crypto empire is apt to person ripercussions beyond the crypto markets, according to elder commodity strategist astatine Bloomberg, Mike McGlone.
The repercussions of the cataclysmic FTX downfall are going to beryllium broader than the crypto markets, arsenic they volition accelerate downward moves successful stocks and commodity markets, according to Mike McGlone, elder marco expert astatine Bloomberg.
“Bitcoin has been 1 of the starring indicators connected the mode up, and it's a starring indicator and mode down and it's conscionable breached down. So expect astir dominoes to fall.”, McGlone pointed retired successful a caller interrogation with Cointelegraph.
McGlone expects accepted stocks to proceed falling arsenic the Federal Reserve keeps raising involvement rates successful an effort to curb inflation. According to the analyst, the FTX situation volition besides accelerate the diminution successful commodity prices arsenic the satellite system enters a play of recession.
The FTX daze volition apt sending Bitcoin prices to caller lows. "I'm acrophobic Bitcoin mightiness caput to the $10K to $12K area", McGlone pointed out.
To recognize the implications of the FTX situation from a planetary macro perspective, ticker the afloat interrogation on our YouTube transmission and don’t hide to subscribe to our channel!
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