Crypto issues 'not just idiosyncratic' to the space, industry expert argues
— Federal, Financial, Cryptocurrencies, Idiosyncratic, Argues, Traditional, Crypto, Space, Drop, Cryptocurrency — 1 min read
Bitcoin, the leading cryptocurrency, has taken a beating in 2022, continuing a decline that started in November last year. John Wu argued Monday that many of the issues associated with the crypto market selloff were macro-oriented. Wu provided the insight as bitcoin was trading lower around the $20,400 level, down from its all-time high of over $68,000 reached in November 2021. Wu noted that where it goes from here depends on what happens with growth stocks, internet companies and where the draining of liquidity is going to take hold in terms of the macro picture. Bitcoin is more likely to tumble to $10,000 than it is to rally back to $30,000, according to the latest Bloomberg MLIV survey,. Source