Wu Blockchain (@WuBlockchain): Bloomberg Strategist: Bitcoin Has Become a "Stock-Market Puppet"
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Bloomberg Strategist: Bitcoin Has Become a "Stock-Market Puppet" Bloomberg Intelligence Senior Commodity Strategist Mike McGlone @mikemcglone11 said in an October 1 interview with Wealthion that Bitcoin's high correlation with U.S. equities, combined with its greater volatility, has made it increasingly look like a "stock-market puppet." He noted that Bitcoin is down about 4% this year while the S&P 500 is up around 3%, and that Bitcoin has also lagged the stock market for nearly five years. McGlone added that he still stands by his view that Bitcoin could fall to $10,000 and sees no reason yet to abandon that call. He also said the broader crypto market remains in the process of a "purge."