Bloomberg Intelligence analyst Mike McGrone said the top two cryptocurrencies by market capitalization will be the most profitable after the recent price declines that have affected all asset classes.
In a new interview with Yahoo Finance, McGlone said the federal reserve interest rate hike is having a longer-term negative impact on the U.S. stock market than proven digital assets such as Bitcoin (BTC) and Ethereum (ETH). I point out that.
“The important thing to keep in mind if the stock market continues to fall is that the Fed needs to fall and reduce inflation. Bitcoin and Ethereum will fall, but come out first. Probably.
Overall, the volatility of these early crypto assets, especially Bitcoin, continues to decline against the stock market. That’s what happened on Amazon when it first came out. Volatility in 2009 was the same as Bitcoin today. “
McGlone says cryptocurrencies represent the next revolution on par with Amazon and other 2000s and 2010s market innovators and winners.
“Investors are looking forward to the future. Do you really want to miss this revolution?
That’s what I’m doing. Selling offers on the stock market and the following bids on Bitcoin, Ethereum, etc. “
At the time of writing, Bitcoin has risen from a weekly low of below $ 27,000 after surpassing $ 36,000 a week ago. It’s currently nearly 5% green and costs $ 29,843.
McGlone states that even though BTC has lost the $ 30,000 level, it is not the only asset class that is declining.
“The situation is getting worse as all risk assets are declining. What happened to the S & P 500 this week? It’s finally below 4,000 for some time.
For the first time in about two years, both Bitcoin and the S & P500 have returned to a 100-week moving average …
The most rising assets in the last five or ten years will come back as the Fed hits the punch bowl … it’s likely to come out earlier. “
Ethereum has also bounced back to the $ 2,000 level after falling to $ 1,824 on Wednesday.
ETH is up 6.83% and the transaction price is $ 2,047.
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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors need to do due diligence before making risky investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfer and transaction is your own responsibility and any loss you may incur is your responsibility. Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets. Also, Daily Hodl is not an investment adviser. Please note that TheDailyHodl participates in affiliate marketing.
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