Mike McGlone: Bitcoin is showing divergent strength
In an interview with Yahoo Finance where he shared his thoughts on the market, the commodities strategist stated that the last few weeks had made it extremely clear that very few assets would be able to rival Bitcoin.
He enthused that Bitcoin has had no downtime in trading, as well as operating. In contrast, some assets have proven time and again that their trading can be halted or affected by macro events. A recent example of this is nickel, he observed.
The significance of Bitcoin — it really struck me the last few weeks — is it is the most significant, fluent, widely- traded 24/7 asset ever on the planet, McGlone stated.
For McGlone, this realization is sweeping across the minds of many observers, and they are beginning to recognize Bitcoin’s reliability. With more conviction in Bitcoin has come more demand. This coupled with Bitcoin’s coded declining supply is what has been driving up the price of Bitcoin, McGlone opined.
The growing adoption of Bitcoin also plays in favor of a strong “macro big picture.” On the macro scale, Bitcoin is showing divergent strength as its price rally has seen it pull away from the stock market. McGlone surmised:
The significance is Bitcoin is up in the air with 5% or so and Nasdaq is still down about 7%. So it is showing divergent strength, which I expect to continue.
In a series of tweets, the Bloomberg chief commodity strategist continued to support the stance. He noted that Bitcoin is undoubtedly on its way to becoming global collateral except something disrupts market forces in play.
There's little doubt #Bitcoin is the most fluid, 24/7 global trading vehicle in history and well on its way to becoming digital collateral in a world going that way. It's a question of what might trip up the forces of increasing demand and adoption vs. diminishing supply pic.twitter.com/xBcZmmifba
— Mike McGlone (@mikemcglone11) March 30, 2022
Bitcoin surges as whales re-emerge
McGlone’s confidence in the market is coming on the back of a weekly Bitcoin price increase of around 4.18%. At its highest point, the price of Bitcoin reached $48,205. However, the exuberance has petered off a bit as Bitcoin is trading at about $45,800, down 3.04% in the last 24 hours at the time of writing.
The market has also seen remarkable whale activity. According to on-chain data shared by Santiment, 3,266 transactions exceeded a value of $100k in a 48-hours period.
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