Bitcoin: Bloomberg analyst Mike McGlone said that Bitcoin is at a crossroads. Bitcoin value dropped to $29,232 today, the lowest level since May 29. The leading cryptocurrency is preparing to end another week in the red by expanding its record-breaking bearish chart.
McGlone stated that the Fed continues its bold stance and that this is a prime point of resistance for the crypto market.
The Fed made an increase of 50 basis points in June and signaled that interest rates could be increased in the coming period.
Considering that the inflation target is 2%, it does not seem possible for the Fed to abandon this policy for now.
McGlone stated in February that Bitcoin has made its way to reach the $100,000 level.