The repercussions of the cataclysmic FTX downfall are going to be broader than the crypto markets, as they’ll speed up downward strikes in shares and commodity markets, in response to Mike McGlone, senior marco analyst at Bloomberg.
“Bitcoin has been one of many main indicators on the way in which up, and it’s a number one indicator on the way in which down. And it’s simply damaged down, so anticipate most dominoes to fall,” McGlone identified in a latest interview with Cointelegraph.
McGlone expects conventional shares to proceed falling because the Federal Reserve retains elevating rates of interest in an try to curb inflation. In line with the analyst, the FTX disaster may also speed up the decline in commodity costs because the world economic system enters a interval of recession.
The FTX shock will doubtless ship Bitcoin costs to new lows, in response to McGlone. “I’m afraid Bitcoin may head to the $10,000 to $12,000 space,” he believes.
To grasp the implications of the FTX disaster from a world macro perspective, watch the full interview on our YouTube channel, and don’t neglect to subscribe!
