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        "rendered": "‘A Hurricane Coming’: Bitcoin Could Fall to $10K This Year, Says Bloomberg Analyst"
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        "rendered": "<div>\n<div>\n<h4 color=\"#333\">In brief<\/h4>\n<ul>\n<li>Bloomberg Intelligence\u2019s Mike McGlone reiterated his view that Bitcoin\u2019s price could fall to $10,000 this year.<\/li>\n<li>He argued that the leading cryptocurrency by market capitalization has been negatively affected by the introduction of millions of cryptocurrencies.<\/li>\n<li>McGlone wagered that Tether\u2019s USDT, currently the third-largest digital asset by market capitalization, will eventually surpass Bitcoin and Ethereum.<\/li>\n<\/ul>\n<\/div>\n<p><span>It wouldn\u2019t be surprising if <\/span><a href=\"https:\/\/decrypt.co\/resources\/what-is-bitcoin-four-minute-instant-guide-explainer\" target=\"_blank\"><span>Bitcoin<\/span><\/a><span>\u2019s price plunged to $10,000 following its meteoric rise amid the pandemic-era crypto boom, Bloomberg Intelligence Senior Commodities Strategist Mike McGlone reiterated on Sunday.<\/span><\/p>\n<p><span>In a LinkedIn <\/span><a href=\"https:\/\/www.linkedin.com\/feed\/update\/urn:li:activity:7446596583678177280\" target=\"_blank\"><span>post<\/span><\/a><span>, McGlone posited that \u201cthe biggest money pump in history may be unwinding,\u201d with the digital asset poised to fall to what would be its lowest price since July 2020\u2014a milestone that Bitcoin crossed approximately 69 months ago.<\/span><\/p>\n<p><span>With Bitcoin changing hands around $70,000 on Monday, the digital asset\u2019s price would need to plummet more than 85% to reach $10,000, according to <\/span><a href=\"https:\/\/decrypt.co\/price\/bitcoin\" target=\"_blank\"><span>CoinGecko<\/span><\/a><span>. If Bitcoin were valued at that price today, its market capitalization would be close to $200 billion.<\/span><\/p>\n<p><span>McGlone acknowledged that Bitcoin could prove him wrong if it manages to stay above $75,000, describing that level as a key threshold. Last month, the digital asset jumped to $75,600 amid heightened geopolitical tensions before retreating.<\/span><\/p>\n<p><span>In his post, McGlone noted that $10,000 is Bitcoin\u2019s \u201cmost traded price since 2017,\u201d when regulated futures were introduced by Cboe and CME Group in the U.S. He noted that myriad cryptocurrencies, \u201cwith only a few tracking tangible value,\u201d have debuted since then.<\/span><\/p>\n<p><span>Although McGlone\u2019s prediction is likely to rankle some investors with exposure to Bitcoin, the strategist indicated on Monday that his warning comes from a place of care. Meanwhile, some analysts <\/span><a href=\"https:\/\/decrypt.co\/362201\/bitcoin-likely-bottomed-strategy-shows-resilience-bernstein\" target=\"_blank\"><span>believe<\/span><\/a><span> that Bitcoin\u2019s price has already bottomed amid its latest rout.<\/span><\/p>\n<p><span>\u201cI see a hurricane coming in, and it\u2019s my duty to warn you,\u201d McGlone <\/span><a href=\"https:\/\/x.com\/i\/broadcasts\/1mGPaLBqvPqJN?s=20\" target=\"_blank\" rel=\"nofollow external noopener\"><span>said<\/span><\/a><span> during <\/span><i><span>The Wolf Of All Streets Podcast<\/span><\/i><span> with Scott Melker on Monday. \u201cDon\u2019t reject the bear, just accept it.\u201d<\/span><\/p>\n<p><span>Since Bitcoin hit an all-time high above $126,000 in October, the digital asset has plunged 45%. Last month, McGlone said in an interview with YouTuber <\/span><a href=\"https:\/\/www.youtube.com\/watch?v=7z4zoPj9-oo\" target=\"_blank\"><span>EllioTrades<\/span><\/a><span> that the crypto market is undergoing a \u201cpurging\u201d of market excesses following a period of massive liquidity.<\/span><\/p>\n<p><span>McGlone argued that Bitcoin is suffering from the proliferation of other cryptocurrencies, including meme coins like <\/span><a href=\"https:\/\/decrypt.co\/resources\/dogecoin-crypto-cryptocurrency-guide-how-to-buy-doge\" target=\"_blank\"><span>Dogecoin<\/span><\/a><span> and <\/span><a href=\"https:\/\/decrypt.co\/resources\/what-is-shiba-inu-shib-meme-coin-dogecoin-rival\" target=\"_blank\"><span>Shiba Inu<\/span><\/a><span> that \u201cshould be purged down to zero.\u201d<\/span><\/p>\n<p><span>Many analysts believe that Bitcoin\u2019s market structure changed with the debut of exchange-traded funds tracking the digital asset\u2019s spot price in 2024, which could reduce the severity of drawdowns through a broader mix of investors, including institutions.<\/span><\/p>\n<p><span>Still, McGlone argued that Bitcoin\u2019s financialization through ETFs and options means \u201cBitcoin is no longer exciting.\u201d Meanwhile, he said that risk assets have become increasingly correlated, likely making the digital asset vulnerable to volatility in stocks.<\/span><\/p>\n<p><span>On LinkedIn, McGlone said that cryptocurrencies pegged to the U.S. dollar have emerged as the \u201cmost enduring trend\u201d in the digital assets space. He wagered that Tether\u2019s USDT, currently worth $184 billion, will eventually become the dominant digital asset by market cap.<\/span><\/p>\n<p><span>As the third-largest digital asset, the leading stablecoin still has a long way to go: Bitcoin\u2019s market cap stood at $1.4 trillion on Monday, while <\/span><a href=\"https:\/\/decrypt.co\/resources\/what-is-ethereum-quickly-explained-four-minute-guide\" target=\"_blank\"><span>Ethereum<\/span><\/a><span> had a total value of $261 billion.<\/span><\/p>\n<div>\n<h3>Daily Debrief Newsletter<\/h3>\n<p>Start every day with the top news stories right now, plus original features, a podcast, videos and more.<\/p>\n<\/div>\n<\/div>",
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        "rendered": "<p>In brief Bloomberg Intelligence\u2019s Mike McGlone reiterated his view that Bitcoin\u2019s price could fall to $10,000 this year. He argued [&hellip;]<\/p>",
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