Bloomberg Commodity Strategist Mike McGlone makes important statements about Bitcoin and cryptocurrencies. There is an issue he drew attention to in his statement on Twitter. It highlighted the worrying trend in the cryptocurrency market despite Bitcoin (BTC) rising above $28,000.

Crypto recession is around the corner
McGlone notes that cryptocurrencies are currently grappling with the specter of a recession. He also highlights that Q3 weakness in the crypto space could be a temporary recovery spurt or a more ominous Sign of an impending recession. As the analyst noted, prevailing thinking leans towards the second possibility. According to the analyst, this situation inevitably affects the decision-making mechanisms of investors.
The logic behind this perspective is based on the performance of various risk assets that have shown gains throughout 2023 but then declined in the current quarter. Despite signs of economic contraction in the US and Europe and a housing crisis with deflationary effects in China, most central banks are insisting on tightening measures. This background sets the stage for a nuanced analysis of the crypto market
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