Bloomberg

Mike McGlone – Senior Commodity Strategist at Bloomberg Intelligence – recently suggested that Bitcoin is on its way to becoming “global collateral.” He called the primary cryptocurrency a possible “leading indicator” for risk assets, which may be at risk given the crypto market’s latest decline.  Signs of Maturity? As McGlone tweeted on Wednesday, most risk assets are struggling in the second half of 2022. Their headwinds primarily stem from the Federal Reserve's “sledgehammer” of rising interest rates, which “may form…

Bloomberg's subsidiary Modern Media is facing a lawsuit from Binance CEO Changpeng Zhao. Zhao’s suit addresses a defamatory cover title published in late June by the media giant. At the time, the post read “Changpeng Zhao’s Ponzi Scheme”, before it was later changed. CZ Slams Modern Media With Lawsuit The Hong Kong Economic Times initially confirmed the news of the lawsuit on Monday. According to reports, CZ filed his case against Modern Media in the Hong Kong High Court of…

The Russian invasion of Ukraine enters its second week, and the financial markets worldwide are still reeling from the shock. Meanwhile, the crypto market has seen immense volatility, with most assets moving from green to red and back again. According to an expert analyst from Bloomberg, it's the ideal time to invest in Bitcoin. Bitcoin’s Rollercoaster Ride Last week, when news of war in Ukraine broke out, all financial markets plummeted. The crypto market did not make an exception, and…

The oldest and the most significant crypto, Bitcoin, rose for the fifth day in a row - the longest streak since September. The crypto markets are edging up as investors re-embrace risk assets. As a result, tech stocks are up, and so are the major cryptocurrencies. So much so that the total crypto market cap reclaimed $2 trillion in valuation. Bitcoin gained as much as 5.4% in valuation, reaching $43,600. Most other significant cryptos were up as well, as crypto…

Bloomberg analyst cautioned investors not to bet against the Fed, as he sees markets dropping 10-20%. However, he also sees a silver lining for Bitcoin, but not for altcoins. On Tuesday, Mike McGlone, the Senior Commodity Strategist for Bloomberg, appeared on the Wolf of All Streets podcast. There, he cautioned both stock and crypto investors against risk bets. Namely, he believes that the Federal Reserve is serious about raising interest rates. Unfortunately, that's a move that will likely hurt risk…

December of 2021 wasn’t kind to crypto, and it shows on the derivative markets. ProShares Bitcoin Strategy ETF – the first Bitcoin ETF to arrive in the United States – is now one of history's worst-performing issuers two months after listing. This is despite a euphoric start, during which the fund was the NYSE’s second most excellent opening-day performer of all time. Bullish Opening, Bearish Aftermath As reported by Bloomberg, BITO ranked as a top ten worst performing issuer when…

Though Bitcoin hasn’t seen a historically precedented December takeoff, the bear market may still be a long way out. Mike McGlone – Senior Commodity Strategist at Bloomberg Intelligence – recently called the asset an “enduring bull-market.” Moreover, institutional adoption continues to rise while several indicators suggest that Bitcoin has a bright future in 2022. McGlone’s Analysis Earlier today, McGlone offered his bullish analysis in conversation with Bloomberg’s Paul Sweeney and Sonali Basak. Whereas he characterizes oil as an “enduring bear…

Tether Holdings – the issuer of the most popular stablecoin, "Tether"– just responded to a Bloomberg article casting doubt on their operations. While Bloomberg claims that Tether's $69B reserves are nowhere to be found, Tether calls their accusations fake news. Tether's Response to Bloomberg Tether published their response to Bloomberg yesterday, on the same day Bloomberg's accusatory article was released. Tether calls the piece a "one-act play" that cherry-picks old news from "dubious sources" to fit a defamatory narrative. This…