{"id":530643,"date":"2023-05-09T12:14:54","date_gmt":"2023-05-09T12:14:54","guid":{"rendered":"https:\/\/uniquehot.com\/?p=530643"},"modified":"2024-06-11T08:10:08","modified_gmt":"2024-06-11T08:10:08","slug":"bitcoin-price-in-a-turbulent-week","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-in-a-turbulent-week\/","title":{"rendered":"Bitcoin Price In A Turbulent Week: This Crypto Market Strategist Weighs In"},"content":{"rendered":"

Bitcoin, the world’s largest and most well-known cryptocurrency, has had a tumultuous past few days, and according to Mike McGlone, a senior macro strategist at Bloomberg Intelligence, the volatility in the BTC market could very well impact other risk assets.\u00a0<\/span><\/p>\n

McGlone believes that BTC’s influence on the market has become contagious, and as a result, other risk assets could be negatively affected if the price of BTC continues to decline.<\/span><\/p>\n

McGlone’s comments are a reflection of the growing awareness of BTC’s influence on the global economy. As BTC continues to gain mainstream acceptance and adoption, its movements are being closely watched by investors and policymakers alike.\u00a0<\/span><\/p>\n

Related Reading: PEPE Token Futures Cast Gloom For Investors As Prices Plummet By 45%<\/a><\/div>\n

Risk Assets At Risk? Bitcoin Network Congestion Raises Concerns<\/strong><\/h2>\n

At a time when the Bitcoin network is currently facing unprecedented levels of congestion due to the influx of Ordinals, McGlone has shared his views on the potential impact of Bitcoin’s price decline on other risk assets. <\/span><\/p>\n

Over the weekend, the congestion became so severe that major trading platforms like Binance were forced to temporarily halt some transactions.<\/span><\/p>\n

\n

Bitcoin Could Pace Declines for Risk Assets –
\nIf the worst isn’t over for risk assets, #Bitcoin<\/a> may lead the way lower. pic.twitter.com\/UlEVjCEKwr<\/a><\/p>\n

\u2014 Mike McGlone (@mikemcglone11) May 8, 2023<\/a><\/p><\/blockquote>\n

According to <\/span>McGlone on Twitter<\/span><\/a>, if the current decline in the value of risk assets continues, Bitcoin has the potential to lead the rest of the volatile asset class downwards.<\/span><\/p>\n

He emphasized that the influence of Bitcoin on the market is now contagious, and its impact can be felt across the financial system.\u00a0<\/span><\/p>\n

In other words, if Bitcoin’s price continues to drop, it could trigger a domino effect that results in the decline of other risky assets.<\/span><\/p>\n

Bitcoin’s Network Congestion, Volatility Raise Regulatory Concerns<\/strong><\/h2>\n

McGlone’s comments regarding the potential impact of Bitcoin’s price volatility on the broader financial system come at a time when investors are growing increasingly worried. <\/span><\/p>\n

The cryptocurrency’s fluctuations could potentially have ripple effects on the global economy, underscoring the need for regulatory oversight.<\/span><\/p>\n

<\/p>\n

BTCUSD drops the $28K handle. Chart: TradingView.com<\/a><\/pre>\n
Related Reading: Ethereum Gas Fees Skyrocket: What Does It Mean For Investors?<\/a><\/div>\n
Meanwhile, the current BTC price, as reported by CoinGecko, has decreased by 0.89% in the past 24 hours and 1.28% over the last seven days, indicating a general downward trend.<\/span><\/p>\n
\"\"<\/p>\n
Source: CoinMarketCap<\/pre>\n
This downward trend could exacerbate concerns about Bitcoin’s potential impact on the financial system and prompt calls for increased regulatory measures.<\/span><\/p>\n
The recent halt of transactions on major platforms such as Binance due to network congestion issues also highlights the urgent need to find a solution. If left unaddressed, network congestion could lead to significant disruptions in the cryptocurrency market. <\/span><\/p>\n
As such, regulators must take swift action to mitigate the risks associated with the market’s volatility and ensure its stability.<\/span><\/p>\n
-Featured image from Global News<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin, the world’s largest and most well-known cryptocurrency, has had a tumultuous past few days, and according to Mike McGlone, a senior macro strategist at Bloomberg Intelligence, the volatility in the BTC market could very well impact other risk assets.\u00a0 McGlone believes that BTC’s influence on the market has become contagious, and as a result, other risk assets could be negatively affected if the price of BTC continues to decline. McGlone’s comments are a reflection of the growing awareness of BTC’s influence on the global economy. As BTC continues to gain mainstream acceptance and adoption, its movements are being closely watched by investors and policymakers alike.\u00a0 Related Reading: PEPE Token Futures Cast Gloom For Investors As Prices Plummet By 45% Risk Assets At Risk? Bitcoin Network Congestion Raises Concerns At a time when the Bitcoin network is currently facing unprecedented levels of congestion due to the influx of Ordinals, McGlone has shared his views on the potential impact of Bitcoin’s price decline on other risk assets. Over the weekend, the congestion became so severe that major trading platforms like Binance were forced to temporarily halt some transactions. Bitcoin Could Pace Declines for Risk Assets – If the worst isn’t over for risk assets, #Bitcoin may lead the way lower. pic.twitter.com\/UlEVjCEKwr \u2014 Mike McGlone (@mikemcglone11) May 8, 2023 According to McGlone on Twitter, if the current decline in the value of risk assets continues, Bitcoin has the potential to lead the rest of the volatile asset class downwards. He emphasized that the influence of Bitcoin on the market is now contagious, and its impact can be felt across the financial system.\u00a0 In other words, if Bitcoin’s price continues to drop, it could trigger a domino effect that results in the decline of other risky assets. Bitcoin’s Network Congestion, Volatility Raise Regulatory Concerns McGlone’s comments regarding the potential impact of Bitcoin’s price volatility on the broader financial system come at a time when investors are growing increasingly worried. The cryptocurrency’s fluctuations could potentially have ripple effects on the global economy, underscoring the need for regulatory oversight. BTCUSD drops the $28K handle. Chart: TradingView.com Related Reading: Ethereum Gas Fees Skyrocket: What Does It Mean For Investors? Meanwhile, the current BTC price, as reported by CoinGecko, has decreased by 0.89% in the past 24 hours and 1.28% over the last seven days, indicating a general downward trend. Source: CoinMarketCap This downward trend could exacerbate concerns about Bitcoin’s potential impact on the financial system and prompt calls for increased regulatory measures. The recent halt of transactions on major platforms such as Binance due to network congestion issues also highlights the urgent need to find a solution. If left unaddressed, network congestion could lead to significant disruptions in the cryptocurrency market. As such, regulators must take swift action to mitigate the risks associated with the market’s volatility and ensure its stability. -Featured image from Global News<\/p>\n","protected":false},"author":557,"featured_media":530720,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1122,1144,8686,63405,4735],"class_list":["post-530643","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc-price","tag-btcusd","tag-ethusd","tag-mike-mcglone","tag-price-action"],"acf":[],"yoast_head":"\nBitcoin Price In A Turbulent Week: Bloomberg Strategist Weighs In<\/title>\n<meta name=\"description\" content=\"Bitcoin, the world's largest and most well-known cryptocurrency, has had a tumultuous past few days, and according to Mike McGlone, a senior macro\" \/>\n<meta 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/uniquehot.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price In A Turbulent Week: This Crypto Market Strategist Weighs In","url":"http:\/\/uniquehot.com\/news\/bitcoin-price-in-a-turbulent-week\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-price-in-a-turbulent-week\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/a-31.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/a-31.png?fit=837%2C418"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc price","btcusd","ethusd","mike mcglone","price action"],"dateCreated":"2023-05-09T12:14:54Z","datePublished":"2023-05-09T12:14:54Z","dateModified":"2024-06-11T08:10:08Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price In A Turbulent Week: This Crypto Market Strategist Weighs In\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-price-in-a-turbulent-week\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-price-in-a-turbulent-week\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/a-31.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/a-31.png?fit=837%2C418\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc price\",\"btcusd\",\"ethusd\",\"mike mcglone\",\"price action\"],\"dateCreated\":\"2023-05-09T12:14:54Z\",\"datePublished\":\"2023-05-09T12:14:54Z\",\"dateModified\":\"2024-06-11T08:10:08Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/a-31.png?fit=837%2C418","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/530643"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=530643"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/530643\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/530720"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=530643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=530643"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=530643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}