⭐⭐Does Bitcoin Affect Stock Markets? ⭐⭐

Mike McGlone, Bloomberg Intelligence's Senior Commodity Strategist, examined the potential impact of Bitcoin's (BTC) recent performance on U.S. stock markets. McGlone stated that Bitcoin has become an important indicator among risky assets and is rapidly maturing in the context of U.S. exchange-traded funds (ETFs). He emphasized that this maturation could put significant pressure on stock markets.

McGlone stated in an X post on August 10 that Bitcoin had experienced a significant decline from its previous peaks and that this situation revealed the vulnerabilities in stock markets. As of August 10, 2024, Bitcoin was trading at $ 60,000 for the first time since March 2021. During the same period, the S&P 500 index was at 3,900 levels, and rose to 5,344 on August 9, 2024. McGlone stated that this movement, along with a short-term decline in Bitcoin, could create an “excessive load” on stock markets. He emphasized that the fact that stock markets remain at high levels despite the difficulties in cryptocurrency markets increases this pressure.

McGlone stated that the Bitcoin market is becoming an increasingly important indicator of general market sentiment due to its 24/7 openness. He predicted that as Bitcoin matures and the increasing influence of ETFs, its movements will have greater impacts on other markets.

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