Bloomberg Intelligence analyst Mike McGlone believes Bitcoin spot ETF approval is “inevitable” – but one bearish influence still remains: the Federal Reserve.
Given the ongoing hawkishness of most central banks worldwide, the analyst believes further downside pressure for both Bitcoin and stocks could lie ahead.
The Fed’s Looming Influence
As tweeted by McGlone, while the “inevitable approval” of the first Bitcoin spot ETF in the United States is “moving closer,” the Federal Reserve remains the “elephant in the room” for all risk assets – including Bitcoin.
“The Fed is still tightening despite the tilt toward economic contraction,” McGlone noted. “Breaking downward with volatility bottoming after extreme lows can often signal the start of a next price move.”
Last week, Fed chairman Jerome Powell reiterated the Fed’s commitment to curbing inflation back down to 2%, flying in the face of certain economists suggesting 3% may be a wiser target. Powell noted
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