In a recent post, Mike McGlone, senior commodity strategist at Bloomberg, warned that Bitcoin, the flagship cryptocurrency, could be leading the reversion of risk assets.
Its underwhelming performance since March has been gaining companions from the stock market as well as the commodities sector.
Earlier this year, McGlone predicted that gold could end up outperforming Bitcoin due to macroeconomic factors.
While this was not the case, gold recently managed to hit a new all-time high.
Meanwhile, Bitcoin is struggling to recover after its recent price plunge.
Earlier this month, McGlone stated that the Bitcoin hangover might be “enduring” due to the unique combination of U.S. ETF launches and a supply cut in the first quarter that pushed the cryptocurrency to record highs.
On Sunday, the leading cryptocurrency reclaimed the $60,000 level. However, it is still far from regaining its current record high that was achieved in March.
“Born of…
