Bloomberg Intelligence senior commodity strategist Mike McGlone says Bitcoin's (BTC's) relative discount to its high hash rate in October — the largest since the first quarter of 2020 — could soon see Bitcoin return to "its propensity to outperform most assets." In an Oct. 19 Twitter post, the Bloomberg analyst suggested that Bitcoin's ever increasing hash rate — a measure of the processing power and securit of a blockchain — relative to its price points to "to risk/reward leaning favorably." Many believe that in theory Bitcoin's hash rate should go up relative to its price. McGlone pointed to a graph …

Senior commodity strategist at Bloomberg Intelligence, Mike McGlone, stated October has historically been the best month for Bitcoin (BTC) since 2014, averaging gains of about 20% for the month, and that commodities appearing to peak could imply that Bitcoin has reached its bottom. In an Oct. 5 Bloomberg Crypto Outlook report, McGlone says while the rise of interest rates globally is putting downwards pressure on most assets, Bitcoin is gaining the upper hand when compared to commodities and tech stocks like Tesla, with the report noting: “When the ebbing economic tide turns, we see the propensity resuming for Bitcoin, Ethereum, …

Jamie Coutts, Crypto Market Analyst for Bloomberg Intelligence argues that “falsehoods” and “fear of the unknown” is what has been holding back traditional portfolio managers from investing in cryptocurrency. Speaking to Cointelegraph during the Australian Crypto Convention over the weekend, Coutts argues there has been an ongoing “falsehood” that “there is no intrinsic value in blockchains.” “These asset managers own stocks, like Amazon and Facebook [...] which for the first several years these companies had no earnings,” explained Coutts, adding that Facebook in its infant stages “didn’t have profit [...] or seen to have any intrinsic value.” “Yet they could …

The U.S. Federal Reserve’s inflation “sledgehammer” is about to batter the prices of Bitcoin (BTC) and Ether (ETH) down even further, before reaching back to new all-time highs in 2025, according to Bloomberg analyst Mike McGlone. Ahead of the latest Fed interest rate hike to be announced this week, the market is expecting a minimum of a 75-basis-point increase, however some fear it could be as high as 100 basis points — which would represent the biggest rate hike in 40 years. Speaking with financial news outlet Kitco News on Sept. 17, McGlone, the Senior Commodity Strategist at Bloomberg Intelligence, …

Cryptocurrency venture firm Dragonfly has acquired a digital asset-focused investment fund for an undisclosed amount — a move that managing partner Haseeb Qureshi said mirrors the broad consolidation trend underway in the industry. Bloomberg reported Monday that Dragonfly purchased MetaStable Capital, a hedge fund co-founded by Naval Ravkiant in 2014, for an undisclosed sum. In doing so, Dragonfly dropped the word “Capital” from its name and underwent a complete rebranding to reflect its growing mandate in the digital asset space. Qureshi told Bloomberg that his firm is “committing to our crypto-native roots” at a time when traditional funds were exiting …

Bloomberg’s senior commodity strategist Mike McGlone is tipping that the price of Bitcoin (BTC) will rebound in the second half (2H) of 2022. Sharing his thoughts to his 48,100 Twitter followers on Wednesday, McGlone saw positive signs in the data Bloomberg’s Galaxy Crypto Index (BGCI) and the 50-week and 100-week moving averages of BTC’s price. He suggested that the current indicators are showing similar signs to the bottom of the bear market in 2018, which preceded a strong rebound in the first half of 2019: “With the Bloomberg Galaxy Crypto Index nearing a similar drawdown as the 2018 bottom and …

Financial and technical information platform Bloomberg has vastly expanded its coverage of crypto markets after a decision to include data on the top 50 crypto assets in the Bloomberg Terminal. Product manager for cryptocurrencies at Bloomberg Alex Wenham suggested that as “the global institutional investor” community’s interest in digital assets continues to grow, they will need a way to “seamlessly incorporate digital assets into their workflows.” Bloomberg already had 10 cryptocurrencies in its terminal as of 2018, including Bitcoin (BTC), Ether (ETH) and Ripple (XRP). The expansion adds an additional 40 coins to the mix such as Solana (SOL), allowing …

Thursday was a bloodbath for traditional and cryptocurrency markets. On the worst day of trading since 2020, Bitcoin (BTC) dropped over 7%, while the Nasdaq slipped over 5%. Many hoped for capitulation in the trade and crypto markets, and although the short-term outlook for Bitcoin looks weak, one analyst and some evidence would suggest that Bitcoin is still on course to becoming a risk-off asset. Markets are by no means math-based or infallible, but a risk-off asset describes an asset that performs well–or is an asset that investors flock to–when overall market sentiment wanes. Government bonds are risk-off assets. Conversely, …

Another big drop in the U.S. stock market could leave Ethereum's native token Ether (ETH) in a similar downside spell, according to the latest Bloomberg report on digital assets. Ethereum faces global recession risks Mike McGlone, the senior commodity strategist at Bloomberg Intelligence, anticipates U.S. equities to face downside pressure against the prospects of the ongoing energy-price spikes and their ability to invoke a 2008-like global market recession "The war in Ukraine and spiking crude make a potent combination for a global recession," wrote McGlone in the report, adding that top cryptocurrencies like Bitcoin and Ether could also face initial …

Brazilian crypto asset manager QR Assets has launched a decentralized finance exchange-traded funds, or DeFi ETF, on the Brazilian Stock Exchange. The DeFi ETF called QDFI11 would track the Bloomberg Defi index and make 100% of its investment in real DeFi assets. The DeFi index tracks Uniswap (UNI), Aaave Decentralized Lending Pools (AAVE), MakerDao (MKR), Compound (COMP), Yearn.finance (YFI), SushiSwap (SUSHI), 0X (ZRX), Synthetix (SNX) and Curve (CRV). The ETF would be offered through Gemini Fund Solution, a platform built specifically for Crypto ETFs. The ETF would act as a regulated alternative for investors who were looking for crypto exposure …

El Salvador’s historic embrace of Bitcoin (BTC) could have negative consequences on the country’s sovereign credit outlook, according to Moody’s Investors Service. Moody’s analyst Jaime Reusche told Bloomberg this week that El Salvador’s Bitcoin gambit “certainly adds to the risk portfolio” of a country that has struggled with liquidity issues in the past. Under the leadership of President Nayib Bukele, El Salvador has recognized Bitcoin as legal tender and issued a state-run crypto wallet to facilitate payments, transfers and ownership. Along the way, El Salvador has amassed a treasure chest of 1,391 BTC, with President Bukele famously “buying the dip” …

Changpeng Zhao, the CEO of Binance, tops the list of richest crypto billionaires with an estimated net worth of $96 billion. According to Bloomberg CZ ranks 11th among the world’s richest people as Binance retains its position as the biggest crypto exchange in terms of trading volume. CZ, the 44-year-old crypto entrepreneur, overtook Asia’s richest billionaire Mukesh Ambani despite Bloomberg excluding his personal crypto holdings such as Bitcoin (BTC) and the exchange’s in-house Binance Coin (BNB) tokens. The industry is growing. — CZ Binance (@cz_binance) October 26, 2021 According to Bloomberg’s estimation, CZ stands just behind Oracle co-founder Larry Ellison, …