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With the ripple effect caused by Spot Bitcoin ETF applications from major asset management firms such as BlackRock and WisdomTree, the leading cryptocurrency Bitcoin (BTC) surpassed $30,000 after registering gains within days. However, despite increased expectations of a market uptick, Bloomberg’s Macro Strategist Mike McGlone suggests that under the present economic conditions, downside risks for BTC and the cryptocurrency market persist.
Will Bitcoin’s Rise Continue?
The leading cryptocurrency Bitcoin (BTC) has recently captured a robust upward momentum and managed to exceed the $30,000 price levels with its latest value increases. Most altcoins in the crypto market recorded substantial value increases during this period. Following its latest value increases, Ethereum (ETH) started trading around $1894, significantly approaching the $1900 levels. The total market value of the cryptocurrency ecosystem has reached $1.17 trillion levels according to CoinMarketCap (CMC) data.
Spot Bitcoin ETF requests from major asset management firms in quick succession have had a significant impact on the markets. Increases in Bitcoin’s value have significantly strengthened the expectation of an uptrend in the crypto market. However, Bloomberg’s Macro Strategist evaluated the effect of the U.S. economy’s trajectory on the market, referring to short-term risks along with long-term growth expectations.
Bloomberg Macro Strategist’s Latest Situation Assessment
In previous years, Spot Bitcoin ETF applications from several companies like VanEck and ARK Invest were rejected. Still, a Spot Bitcoin ETF application from a massive asset management company like BlackRock has led to an expectation that the application might be approved and that the SEC might now give a green light to Spot Bitcoin ETFs. The crypto market recorded strong surges with this expectation formed in the markets. However, despite the expectation of an uptrend, McGlone warned investors against short-term risks.
Bloomberg’s Macro Strategist Mike McGlone discussed the latest situation in the markets in a recent YouTube interview and evaluated BlackRock’s Spot Bitcoin ETF application. McGlone stated that BlackRock’s application is likely to be approved, and long-term growth expectations continue, but short-term risks still persist. Drawing attention to the current economic conditions, McGlone mentioned that risky assets are generally in a downward trend in recession environments and shared his thoughts that there is not yet a strong expectation of an uptrend for BTC in the short term.
