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- The prices of Bitcoin and Ethereum will be ruined due to Fed Sledgehammer.
- Bloomberg analyst McGlone has predicted the abovementioned statement.
The U.S. FED inflation “sledgehammer” is going to damage the prices of BTC and ETH even more before touching its all-time high in 2025, the Bloomberg analyst Mike McGlone believes.
The Fed interest rate hike is going to be publicized this week, and the market is anticipating at atleast 75-basis-point growth, but some are frightened as it may touch 100 basis points – which will portray the massive rate hike in 40 years.
On September 17, In an interview with Kitco News, McGlone advised that the coming market massacre is likely to come for Bitcoin and Ethereum and the crypto industry, as Fed’s actions will be in against of this sector.
At the time of writing, Bitcoin is 13.4% down and is standing at $19,350, whereas Ethereum also witnessed a fall of 20.7% and stood at $1,350. McGlone also believes that Ethereum may do down to $1,000 or even more lower than that,” given how bloodthirsty Fed is and will carry on to be this whole year.
McGlone is frightened
McGlone is also frightened of the Merge getting hyped this much. He stated that the fall in the price of Ethereum is within an important mixed economy broad-based volatile market for all risk assets.”
McGlone also forecasted that the recent rate hike might smash all over the assets, which is worst than the 2008 financial crisis. “The Fed begun to calm in 2007,then they included huge liquidity. They are no longer going to do that,” he elaborated.
Undoubtedly, there is a ray of hope, and Bitcoin will witness a fresh all-time high of $100,000 by 2025. Still, he is very doubtful about Ethereum keeping future potential and institutional adoption in his mind.
Several experts have also agreed with the point that McGlone has mentioned. In an interview with the New York Times on September 19, Kristina Hooper, the main global market analyst at Invesco, highlighted that the recent announcement of the Fed will be crucial as what it will mean for the path of the stock market for the remaining year.”
“The Fed is governing the stock market in 2022, and it is worse often,” she stated.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
