Bloomberg Intelligence expects Bitcoin and other risk assets to fall in US

Bloomberg Intelligence analyst Mike McGlone commented on the current slump of the leading cryptocurrencies, Bitcoin and Ethereum. In his opinion, the prospects for the growth of risk assets in the US this year are unfavorable.

According to the expert, Bitcoin and Ethereum's plunging below $80,000 and $2,000 levels, respectively, could be indicating underperformance in elevated US risk assets. As McGlone believes, crypto and US stocks are moving in tandem. Therefore, a decline in cryptocurrency prices can be expected.

The analyst also opposes cryptocurrencies and stocks to commodities and gold, which he expects to grow this year. Gold ETF inflows, from McGlone’s point of view, indicate the shift of investor sentiment from Bitcoin to bullion. Thus, the rise in Bitcoin’s price has already reached its peak.