- Bloomberg strategist, Mike McGlone thinks if the FED raises interest rates despite the risk of a recession, it could cause Bitcoin and other risk assets to decline.
- For Bitcoin, a critical price milestone is $25,000. March could swiftly show whether crypto will hold up in the face of the Fed's tightening monetary policies.
- Cryptocurrencies need to prove themselves amidst concerns about the possibility of further decline and the potential for sellers to act strategically based on risk vs. reward.
- McGlone's bias is clear-cut: risk assets must demonstrate resiliency at the beginning of March becuase the federal funds rate was zero a year ago and is now close to 5%.