Bitcoin drops to $ 75,000

The price of bitcoin BTC $81,717.76 Bitcoin 7.81% Market capitalization $1.62 trillion VOL. 24 hours $5.7 billion fell by 8.5% to $ 75,270, causing a new wave of turmoil in the financial markets. Bloomberg Senior Commodity Strategist Mike McGlone, known for his critical assessments of cryptocurrencies, warns again that amid rising gold prices and market volatility, risky assets, including cryptocurrencies, may lose popularity. He questions the appropriateness of investors' current investment priorities.

McGlone emphasizes that there may be a paradigm shift in the way asset classes are viewed. According to him, long-overvalued stocks and cryptocurrencies are likely to go through a correction. Instead, safe assets such as gold and US Treasury bonds are becoming more attractive to cautious market players. The analyst also provides a graph showing the growth of the ratio of gold to the S&P 500 index during economic instability.

Against the backdrop of these processes, McGlone draws a comparison between two well-known figures in the world of finance — Сейлор" href="https://noworries.news/biography/majkl-dzh-sejlor/" data-bio-id="3672">Michael Saylor and Warren Buffett. The former bet on bitcoin, while Buffett traditionally invests in US government bonds. McGlone is inclined to Buffett’s position, considering bonds a more stable choice in the face of instability.

This is not the analyst’s first warning. Earlier, he has already expressed the opinion that bitcoin could «lose one zero,» meaning a potential price drop to single-digit tens of thousands of dollars. McGlone compares the current situation to the tech bubble of 2000, when the Nasdaq index peaked at 5,000 points before a sharp collapse.

He reminds us that bitcoin emerged after the 2008 financial crisis as a reaction to the distrust of traditional finance. But now that the cryptocurrency has reached $ 100,000 and rolled back, the analyst suggests that the market may have reached its peak, and a potential correction or even a deeper decline is ahead.