Bitcoin rallies? Not so fast! US money supply hits the brakes, giving Bitcoin a bumpy ride.
Bitcoin and crypto may yet see a long-term correction thanks to central banks keeping liquidity tight, Bloomberg warned.
As inflation bites, banks have been withdrawing liquidity from the economy, with risk assets declining as a result — including crypto. The United States Federal Reserve’s quantitative tightening , which began in late 2021, coincided with the current all-time high for Bitcoin. “Risk assets typically rise and fall on the back of liquidity and plunging US money supply, and bank deposits indicate headwinds for cryptos,” it stated in an analysis uploaded to Twitter by Bloomberg Intelligence senior macro strategist Mike McGlone.
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