Bloomberg Commodity Strategist Mike McGlone believes cryptocurrencies will return to outperforming traditional assets next year.
new analysis, McGlone points out that as of early December, the crypto market has lost $1.3 trillion in value in 2022. This is a figure that is “roughly on par” with the combined market cap declines of Amazon and Google.
Strategists say this means the cryptocurrency is still in its early stages.
The most aggressive Fed tightening in 40 years is a good reason for the macroeconomic tide to recede, but 2023 may come down to which assets lead the way as central banks pivot. Without easing, the world could slip into a deeper recession, impacting all risk assets.Our base case is a hypothetical It is an extended period of deflation that currency markets are ahead of.
McGlone said the dominance of stablecoins among the five largest digital assets really shows the value of Ethereum (ETH). He said Ethereum’s technology will allow digital dollars to be traded quickly and cheaply.
Our bias is that there is little that will prevent this advancing technology from functioning in the same way as the futures and exchange traded markets in the long term. , an additional advancement made possible by Ethereum.
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