Mike McGlone: ​​Not everyone will survive the last stage of the fall of the cryptocurrency market

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A senior commodity strategist at Bloomberg Intelligence believes that cryptocurrencies are now in the final stretch before hitting bottom.

Mike McGlone warned that this phase will be very difficult for investors and companies to survive:

“Markets don’t usually just form a V-bottom. They make it as difficult as possible with a lot of volatility, taking money away from all investors.”

A Bloomberg analyst noted thatInvestors are now experiencing not just a crypto winter, but a fall in all traditional markets, with the exception of commodity markets. According to him, until the commodity market begins to fall, the US Federal Reserve (Fed) will continue to raise the base interest rate.

However, there is some good news:Ethereum has grown 12 times since 2019 and is still growing. McGlone argues that Ether is outperforming most asset classes and has strong support close to its current price level. According to him, Ether will overtake all cryptocurrencies due to growing demand and decreasing supply.

Last month, the CEO of crypto investment firm Galaxy Digital said that Bitcoin and Ethereum will not leave the market - even as a crisis of confidence rocks the crypto industry.