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The post Bitcoin’s Revival Requires a Stock Market Crash: Mike McGlone! appeared first on Coinpedia Fintech News
Bloomberg Intelligence’s senior macro strategist, Mike McGlone, has stated that the stock market needs to experience a crash before Bitcoin can regain its bullish momentum. McGlone believes that the recent positive correlation between Bitcoin and stocks has hindered the cryptocurrency’s potential. According to him, a “healthy” pullback in equity markets could act as a catalyst for Bitcoin to emerge as a safe-haven asset once again. As of now, Bitcoin has recovered from its mid-May crash and is trading at around $34,000. However, experts suggest that a stock market correction could trigger another rally in the cryptocurrency markets.
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