Bitcoin's discount to hash rate highest since early 2020 — Mike McGlone
The senior commodity strategist is bullish on Bitcoin, revealing on Oct. 18 that its relative discount to hash rate has hit levels not seen since the first quarter of 2020. Bloomberg Intelligence senior commodity strategist Mike McGlone says Bitcoin's (BTC's) relative discount to its high hash rate in October — the largest since the first quarter of 2020 — could soon see Bitcoin return to "its propensity to outperform most assets."In an Oct. 19 Twitter post, the Bloomberg analyst suggested that Bitcoin's ever increasing hash rate — a measure of the processing power and security of a....
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The S&P 500 and Bitcoin bounced off their nearby support levels, indicating that the bulls have not given up and are possibly buying the dips. The 10-year Treasury yield in the United States rose to its highest level since 2008. Although this type of rally is usually negative for risky assets, the U.S. stock markets recovered ground after the Wall Street Journal reported that some officials of the Federal Reserve were concerned about the pace of the rate hikes and the risks of over-tightening.While it is widely accepted that the U.S. will enter a recession, a debate rages on about how long....
The Bitcoin network hash power is at an all-time high as the spot price looks to breach the $36,000 price mark for the first time. The Bitcoin (BTC) price is not the only metric seeing record numbers as the network hash rate has set a new all-time high.According to data from Blockchain.com, the estimated seven-day average Bitcoin hash rate is now at about 148 exahashes per second, or EH/s. This figure represents the amount of computing power expended by miners to secure the network every second.Bitcoin hash rate. Source: Blockchain.com Tweeting on Jan. 1, on-chain analytics data provider....
Hash rate, supply shock and U.S. credit risk are likely the causes for the BTC rally. Bitcoin’s (BTC) 32% weekly rally became bears’ worst nightmare as Friday’s $860million 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....
History repeating itself have the potential to spark a 2-4X BTC price run, data covering the GBTC premium suggests. Bitcoin (BTC) could be in for a $100,000 bull run next if a classic signal from institutions repeats its historical trend.In a tweet on March 4, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, said that those seeking clues about what lies next for Bitcoin should look at the Grayscale Bitcoin Trust (GBTC).Negative premium "could signal march to $100,000"As Bitcoin fell to $43,000 and continued to linger below all-time highs thereafter, the so-called....
Despite the ongoing bear market and bitcoin price decline, some analyst still retains their confidence in Bitcoin. The Bloomberg Analyst Mike McGlone is one of them. He took to Twitter on Wednesday to express his thoughts about the most popular cryptocurrency. The analyst strongly believes that Bitcoin will bounce back from the bear market. McGlone […]