The analyst further said that crypto assets may be near the bottom as the leading crypto assets “appear to have completed the bulk of their drawdown as the Federal Reserve focuses on other assets such as stocks in its bid to stem inflation.” Compared to traditional assets, bitcoin and ethereum have seen significantly fewer fluctuations, McGlone pointed out. The senior commodity strategist wrote:
Volatility in bitcoin, ethereum, and the Bloomberg Galaxy Crypto Index has dropped to low levels vs. most other assets, which may tilt risks against those not accumulating partial crypto exposure.In his November commodities analysis, McGlone said he also believes gold will likely perform well when the U.S. Federal Reserve decides to pivot the restrictive monetary policy it’s enforced during the last five months.
“The most aggressive Fed tightening cycle in about 40 years is unlikely to stop until something breaks, and sharp declines in bond prices and most currencies vs. the dollar may portend an approaching end game,” McGlone said.
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