Bloomberg strategist: BlackRock's Bitcoin ETF will not be launched this year, and Bitcoin may struggle to shake off the impact of a potential U.S. economic recession in the coming months

2023-06-24 12:00:38

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ChainCatcher news, Bloomberg Intelligence senior macro strategist Mike McGlone announced the latest issue of the "Crypto Outlook" report on Twitter, which points out that even if BlackRock's application for a spot Bitcoin ETF is approved, it will not be launched within 2023.

In addition, McGlone noted that the Federal Reserve has already announced in the recent FOMC meeting that it will "raise interest rates a few more times" this year, combined with weakening liquidity and a potential bear market in stocks, the crypto market will still face upward resistance. He also stated that, given the Federal Reserve, economic recession, Nasdaq, and many other factors, the ETF launched by BlackRock may not protect Bitcoin from the impact of the impending U.S. economic recession in the coming months. (source link)

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