Parallels between 1987 and 2008 peak oil prices

The Bloomberg Galaxy Crypto Index (BGCI) is underperforming according to expectations. The analyst says this could mean fundamental change for the asset class that is used to thriving in a zero interest rate environment. Drawing historical parallels, the strategist looks back to before the 1987 crash. He points to examples such as the rise in US Treasury yields and the peak in crude oil prices in July 2008.
The narrative also explores the correlation between Bitcoin's declines and Federal Reserve policy axes. This observation indicates that Bitcoin's movements can serve as a leading indicator. It also suggests that it can provide insight into potential changes in broader market liquidity.
Cautious outlook towards crypto ETFs
McGlone draws parallels with his cautious view of crypto ETFs when BGCI launched in 2018. Accordingly, he says that it is inevitable that time plays a very important role. According to the economist, "Bitcoin's decline occurred before the Federal Reserve's pivots. This points to the importance of cryptocurrency's leading indicator nature. It may also underline what may be needed to revive liquidity."
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