Bitcoin (BTC) surged above the $28,000 mark on Monday, but amid the elation of this milestone, concerns loom large in the crypto market. Mike McGlone, Commodity Strategist at Bloomberg, shed light on a disconcerting trend that has cast a shadow over the digital asset realm.
McGlone’s analysis suggests that cryptocurrencies are grappling with the ominous specter of a looming recession, and the weakness observed in the third quarter could be signaling trouble ahead.
His observations highlight a stark reality – cryptocurrencies are currently grappling with the specter of a recession.
Transient Blip Or Ominous Sign For Crypto?
As the third quarter of 2023 drew to a close, the cryptocurrency space exhibited notable weakness, leaving many to ponder whether this was merely a fleeting blip on the road to recovery or a more sinister harbinger of an impending recession.
According to McGlone, the prevailing sentiment among analysts leans towards the latter possibility.
“Crypto weak
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