Bitcoin (BTC) has regained momentum and reclaimed the $23K level, but this begs the question if this uptick is short-lived, given that the Federal Reserve (Fed) has adopted the strategy of continuously increasing the interest rate.
Mike McGlone, a senior Bloomberg Intelligence commodity strategist, delved deeper into the issue and stated:
“The Fed is using a sledgehammer on commodities and risk assets. Down about 20% since the June 75 bps rate-hike, the aftermath of another 75 in July may be similar for the three C's -- crude oil, copper, and corn. The stock market may be more vulnerable than crude.”
With the Fed increasing the interest rate by 75 basis points (bps) in June, the highest since 1994, McGlone expects a similar hike this month meant to tame runaway inflation.
The United States recently released vital inflation data for June, with the consumer price index (CPI) jumping by 9.1%, the highest since November 1981.
Therefore, McGlone might base his analysis on these figures...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...