Bloomberg Intelligence analyst Mike McGlone believes that the approval of the first Bitcoin spot ETF in the United States is “inevitable”, but the Federal Reserve could still be a bearish influence. McGlone noted that the Fed is still tightening despite the tilt towards economic contraction, which could lead to further downside pressure for both Bitcoin and stocks.Last week, Fed chairman Jerome Powell reiterated the Fed’s commitment to curbing inflation back down to 2%, which is not good news for the crypto market. Bitcoin is still recovering from a breakdown to $25,000 earlier this month, which followed an extended period of all-time low spending and volatility for the asset.McGlone called $30,000 a “key pivot level” for Bitcoin, which could indicate a “reversal upward” if Bitcoin reaches that level. He noted that a key factor that’s different this time is unfavorable liquidity, as most central banks are still tightening and elevating rollover risks in the stock market.

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Information	Details
Geography	North America
Countries	🇺🇸 🇨🇦
Sentiment	neutral
Relevance Score	8
People	Jerome Powell, Mike McGlone
Companies	Bloomberg Intelligence, Binance, Grayscale, Securities and Exchange Commission, Federal Reserve
Currencies	Ethereum, US Dollar, grayscale., Bitcoin, Reserve
Securities	None