The repercussions of the cataclysmic FTX downfall are going to be broader than the crypto markets, as they are going to speed up downward strikes in shares and commodity markets, based on Mike McGlone, senior marco analyst at Bloomberg.
“Bitcoin has been one of many main indicators on the best way up, and it’s a number one indicator on the best way down. And it’s simply damaged down, so count on most dominoes to fall,” McGlone identified in a latest interview with Cointelegraph.
McGlone expects conventional shares to proceed falling because the Federal Reserve retains elevating rates of interest in an try to curb inflation. In line with the analyst, the FTX disaster may even speed up the decline in commodity costs because the world financial system enters a interval of recession.
The FTX shock will possible ship Bitcoin costs to new lows, based on McGlone. “I’m afraid Bitcoin may head to the $10,000 to $12,000 space,” he believes.