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Crypto

Bloomberg dismisses $60,000 bitcoin bottom, says low not in yet

A warning has emerged that bitcoin in the $60,000 range is unlikely to be the final bottom of this cycle. Bloomberg Intelligence chief macro strategist Mike McGlone said the current stability is unlikely to harden into a true low. He cited a lack of liquidity in crypto markets and expanding alternatives as U.S. Treasury yields top 5 percent. McGlone also compared bitcoin to WTI’s 2008 path and pointed to $10,000 as a potential real bottom.

Crypto

Bitcoin, crypto stocks rebound after Clarity bill setback

Bitcoin regained the $80,000 level on Sept. 19, rising about 5 percent in 24 hours and briefly reaching $81,034 on Bitstamp, data showed. The move reversed a slump after the U.S. Senate failed to pass the Clarity bill on Sept. 15. Investor sentiment improved after the CFTC and SEC took crypto-related steps using existing authority. Crypto-linked stocks jumped on Sept. 18, while short liquidations rose as U.S. Treasury yields climbed.

Crypto

Peter Schiff says Fed has already lost to inflation, chose gold over bitcoin

Peter Schiff said the Federal Reserve has already lost the fight against inflation and that further interest-rate increases could put strong downward pressure on bitcoin and the broader crypto market. In an interview, he tied bond-market instability, rising U.S. Treasury yields, weakening dollar purchasing power and increased central-bank gold buying into a single trend. He said restoring credibility would be difficult and argued that bitcoin lacks backing compared with gold.