Mike McGlone, chief commodity strategist at Bloomberg, said that Bitcoin could once again return to the $30,000 level. He claimed.
“Bitcoin will revisit $30,000”
Bloomberg’s chief commodities strategist believes the 2% drop shown by Bitcoin today shows that the next week will be a tough one for risk assets.
The chart shared by McGlone shows that Bitcoin and Nasdaq 100 futures are moving in the same tragedy, and both are currently bearish. The famous strategist seems to imply that Bitcoin is again associated with the stock market.
Today, Bitcoin is down over 3 percent from $39,670 to $38,309. However, so far, the price of the flagship cryptocurrency has recovered somewhat, climbing to $38,816 at the time of writing.
bad week for bitcoin
Since Tuesday, March 1, the leading digital currency has been declining at a low pace. However, it fell sharply on March 3, and since that morning BTC has lost 10.24 percent of its market cap from $44,031 to $39,522.
Buying BTC from the Canadian Bitcoin ETF
Moreover, according to data provided by Glassnode, the largest Canadian BTC ETF (Purpose Bitcoin ETF) has been buying more Bitcoin since the beginning of the year despite the frequent decline in the crypto market. So far, it has increased the amount of digital assets by around 5,000 BTC, from 29,494 to 34,613 Bitcoins.
According to Glassnode, the number of bitcoins held by the Purpose Bitcoin ETF has reached a new high. Since 2022, despite the gradual decline in market conditions, the number of bitcoins it holds has continued to grow, from 29,494 to 34,613, an increase of about 5,000 bitcoins. pic.twitter.com/cYfZPUvYSt
— Wu Blockchain (@WuBlockchain) March 6, 2022
On February 28, the company increased its BTC holdings by 31 percent. On February 3, he bought 1,750 BTC, worth $64,218,350 at the time. In other words, we can say that the purchases have been continuing since the beginning of the year.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.