.mikemcglone11 comments on Bitcoin and PPI fall, expecting $BTC to go lower. CryptoMichNL CPI
Bloomberg's chief expert expects Bitcoin to keep dropping
McGlone mentioned that on May 8, the released PPI data showed another decline of the Producer Price Index this year, 1.4%, saying that PPI"is falling at the fastest pace in history since 1948."As a rule, Bitcoin reacts positively to CPI and PPI values going down. However, so far, the leading cryptocurrency remains in the red, falling by 1.09% in the past 24 hours, trading at $27,649, according to data provided by CoinMarketCap.
In an earlier tweet, McGlone said that he expects BTC to lead risk assets lower if the current price decline of these commodities is not yet over. This is likely attributed to the recent rate hike by the Federal Reserve.
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