Bloomberg Intelligence analyst Mike McGlone shared his thoughts on the Fed’s interest rate decision in a recent assessment of the current market situation and warned against a potential drop in Bitcoin. McGlone stated that the Fed could continue with interest rate hikes, which could lead to a new downturn in the cryptocurrency market.
Will the Fed Continue Interest Rate Hikes?
All eyes in the market are now on the Federal Reserve (Fed) interest rate meeting scheduled for September 19-20. Fed officials have indicated in recent statements to the public that further interest rate hikes could be an option, pointing to critical data.
Meanwhile, Fed Chairman Jerome Powell emphasized in his statements to the press after the previous interest rate decision that inflation is still far from the 2% target. Powell pointed out that current inflation is still above the target and signaled that interest rate hikes could continue.
Many analysts have suggested that if interest rate hikes continue, it could create selling pressure in the cryptocurrency market. Bloomberg Intelligence analyst Mike McGlone also warned of a possible drop in the leading cryptocurrency Bitcoin and the overall cryptocurrency market in his recent market assessment. According to Mike McGlone, if the Fed continues with interest rate hikes, a new drop could occur in BTC.
Drop Warning from Bloomberg Analyst
In his assessment of the current market situation, Bloomberg Intelligence analyst Mike McGlone suggested that despite interest rate hikes, inflation will have a significant impact on the next phase of the global crisis. McGlone also shared his thoughts on the possibility of the Fed’s monetary tightening policies and interest rate hikes continuing.
Mike McGlone expressed his belief that if the Fed continues with interest rate hikes, it could lead to a new drop in the leading cryptocurrency Bitcoin and the overall cryptocurrency market. Additionally, McGlone suggested that the recent poor performance of Bitcoin could be an early warning signal of a broader decline in the stock market.
