According to Bloomberg strategist Mike McGlone, the US Federal Reserve (Fed) may crash Bitcoin as part of its fight against inflation. If the US regulator increased the discount rate again this week, Bitcoin and Ether may update the local minimums.
At the same time, he believes that in the long term, the largest digital currencies keep chances to take off.
According to his forecasts, the fall of the crypto market will be strong, but not long. An increase in the discount rate will lead to a collapse in both stock indices and digital currencies.
He has added:
“We need to analyze the macroeconomic picture to assess the degree of pressure on cryptocurrencies from the Fed.”
