Despite cryptocurrency markets dropping to multi-month lows, major cryptocurrencies like Bitcoin (BTC) and Ether (ETH) are likely to hit new all-time highs in 2022, according to a Bloomberg analyst. BTC and ETH will be heading toward $100,000 and $5,000 this year, respectively, Bloomberg Intelligence analyst Mike McGlone forecasted in his latest market analysis published on Thursday. “A key issue we see is the Federal Reserve, as it faces the greatest inflation in four decades, more inclined to raise interest rates if risk assets continue climbing,” McGlone noted. McGlone also predicted that BTC, Ether and the United States-pegged stablecoins will maintain …

The Federal Reserve’s signaling for tighter monetary policy in 2022 could provide short-term headwinds for risk assets such as stocks and cryptocurrency, but there’s a good chance that Bitcoin (BTC) still comes out on top as investors recognize its value as a digital reserve asset, according to Bloomberg commodity strategist Mike McGlone. The January edition of Bloomberg’s Crypto Outlook described the Federal Reserve’s plan to raise interest rates in 2022 as a possible “win-win scenario for Bitcoin [versus] the stock market.” The reasons stem from the fact that the S&P 500 Index is currently the most overextended above its 60-month …

Ethereum's native token Ether (ETH) plunged sharply hours after the U.S. Federal Reserve released the minutes of their December meeting, showing that they eye a faster timetable for hiking interest rates in 2022. The minutes showed that the Federal Open Market Committee (FOMC) is in favor of raising short-term rates "sooner or at a faster pace than participants had earlier anticipated." According to the CME Group, trading in the interest-rate futures market showed a two-thirds possibility of the first increase in March. Ether turned lower after the minutes were released, dropping by over 13.50% to as low as $3,300. Its …

Since its launch on Oct. 19 Proshares’ Bitcoin futures exchange-traded fund (ETF) has been a popular choice with traders, rising to the top 2% of all ETFs in terms of total trading volume. Bloomberg’s Senior ETF analyst Eric Balchunas noted on Nov. 11 that the ProShares Bitcoin Strategy ETF (BITO) had $400 million worth of shares traded yesterday, with its average volume consistently putting it in the top 2% of all ETFs. $BITO and $BTF both had their biggest volume days in about two weeks. $BITO with a $400m traded, which is not only a ton but = 25% turnover …

The career risk surrounding cryptocurrency is shifting to money managers who don’t have exposure to digital assets as opposed to those who are already invested, highlighting a dramatic shift in institutional acceptance of Bitcoin (BTC) and decentralized finance, according to Bloomberg’s senior commodity strategist Mike McGlone. The November edition of Bloomberg’s Crypto Outlook described 2021 as just another foundation year for the cryptocurrency market, further underscoring the long-term value proposition of digital assets. In this environment, money managers “risk falling behind and underperforming peers who own crypto assets,” wrote McGlone, adding: “Our graphic depicts the 200%-plus outperformance of the Bloomberg …

Valkyrie’s Bitcoin (BTC) futures-based exchange-traded fund (ETF) is poised to follow the launch of ProShares’ Bitcoin Strategy ETF on Friday. Valkyrie Bitcoin Strategy ETF is finally effective and is set to start trading on Nasdaq under the ticker BTF on Friday, Valkyrie confirmed to Cointelegraph on Thursday. The launch comes after the United States Securities and Exchange Commission granted a notice of effectiveness to Valkyrie Bitcoin Strategy ETF on Thursday. According to Leah Wald, CEO of Valkyrie Funds, the upcoming launch of Valkyrie’s Bitcoin futures ETF marks an important milestone in the relationship between the cryptocurrency industry and U.S. regulators. …

Bakkt (BKKT), an institutional and retail-facing digital asset platform founded by Intercontinental Exchange, has suffered a drawdown of -6.4% after closing a volatile first day of trading as a publicly listed company. After launching on the New York Stock Exchange at $9.45 on Monday morning, BKKT rose by roughly 3.3% up to $9.77 during its first 30 minutes of trading. However, traders quickly moved to take profits, causing prices to slump by -9.5% down to $8.84. According to Bloomberg, BKKT was trading at $8.76 by the day’s close after having shed almost -7% from its opening. Bakkt went public via …

Commentators are predicting that a second futures-based Bitcoin exchange-traded fund (ETF) will have gone live by the end of the week following the launch of ProShares’ Bitcoin Strategy ETF later on Tuesday. On Tuesday, Bloomberg analyst Eric Balchunas predicted that Valkyrie’s Bitcoin (BTC) futures-based ETF is “likely” to launch in the coming days after being certified for listing on the Nasdaq exchange last week. If true, the milestone would make Valkyrie’s fund only the second Bitcoin ETF to launch in the United States, with ProShares’ futures-based ETF slated to begin trading on the New York Stock Exchange under the ticker …

A Bloomberg’s senior ETF analyst says there are “good” signs that a Bitcoin exchange-traded fund (ETF) will soon be approved, pointing to Ark Invest filing for a Bitcoin futures ETF with an assigned ticker and Valkyrie updating its own ETF prospectus with a ticker. Cathie Wood’s Ark Investment Management LLC filed for a Bitcoin (BTC) futures ETF under the ARKA ticker, while Valkyrie has assigned its BTC futures prospectus with the BTF ticker. According to Bloomberg analyst Eric Balchunas, firms typically update their proposals when they have everything set and “ready for launch,” suggesting that Valkyrie may soon be given …

Bitcoin’s (BTC) 32% weekly rally became bears’ worst nightmare as Friday’s $860-million options expiry is approaching. After breaking the $54,000 level, over 99% of the bearish bets using put (sell) options are likely to become worthless. Bears are in a dangerous position, particularly as Bloomberg’s Crypto Outlook pointed out that Bitcoin’s $50,000 resistance was about to flip support. Senior commodity strategist Mike McGlone cited such factors as increasing adoption along with a diminishing supply on exchanges. Bloomberg also noted that traditional finance investors’ concerns surged after the protection against the possibility of a United States government default rose to its …

Bitcoin’s (BTC) meteoric rise above $50,000 this week is likely to continue well into the fourth quarter, as the psychological resistance flips to support during the next leg of the bull market, according to Bloomberg’s senior commodity strategist Mike McGlone. On Tuesday, McGlone circulated the October 2021 edition of the Bloomberg Galaxy Crypto Index, which provided an overview of where digital assets could be headed for the rest of the year. In the report, McGlone speculated that Bitcoin’s $50,000 resistance — a level that has proven impenetrable since the May dump — was about to flip support. “Bitcoin's $50,000 resistance …

What is protecting an investment portfolio from potential stock market volatility? As per Bloomberg Intelligence’s Mike McGlone, a merged exposure of Bitcoin (BTC), gold and government bonds. The senior commodity strategist, who sees BTC heading to $100,000, pitted derivatives in a new report representing the three safe-haven assets against the performance of the S&P 500 index, finding that the trio has been outperforming the benchmark Wall Street index at least since the start of 2020. The Bitcoin-Gold-Bonds index took data from the Grayscale Bitcoin Trust (GBTC), SPDR Gold Shares (GLD) and iShares 20+ Year Treasury Bond ETF (TLT). The three …