Bitcoin Is Now ‘Stock-Market Puppet’, Bloomberg Strategist Warns as Whales Refuse to Back Down
Photo: ZyCrypto
Bitcoin (BTC) is increasingly tied to the stock market. Mike McGlone, Bloomberg Intelligence’s senior commodity strategist, believes Bitcoin has increasingly become a “ stock-market puppet ,” citing its strong correlation with U.S. equities and its tendency to swing more sharply. In an October 1 interview with Wealthion, McGlone questioned Bitcoin’s performance and maintained his bearish outlook despite continued buying from large holders. According to McGlone, Bitcoin is down about 4% this year, while the S&P 500 is up about 3%.
Source: ZyCrypto
