Mike McGlone on what may revitalize gold and gold 2.0, also known as Bitcoin
Mike McGlone, senior analyst at Bloomberg Intelligence, said cooling crude oil prices have the potential to rebound gold quotes and what is commonly considered to be digital gold, bitcoin. Commodity expert gives his analysis and findings Twitter Page.
According to the analyst, the “cure” for the hawkish monetary policy chosen by the U.S. Federal Reserve to curb historically record inflation, and all its consequences, could be lower commodity prices. The main commodity, of course, is crude oil, which appears in the production cycles of almost all other commodities.
Also, as we know, the fight against rising oil prices is passing without any results. Recently, OPEC+ decided to reduce oil production, which immediately affected the financial markets and especially the crypto market.
Bitcoin (BTC) price action
All in all, McGlone confirms once again that the crypto market, and Bitcoin in particular, are mired in U.S. economic twists, and it will be extremely difficult, if not impossible, to untie.
Bitcoin was marked by extremely low volatility throughout the weekend, most likely due to the S&P 500 opening up expectations. In the case of today’s index, buyers were able to hold the $3,600 area here, which also benefited BTC. If the leading cryptocurrency manages to move above the key $19,500 level, an upward move towards $20,000 is possible.
