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FTX crisis likely to spark a domino effect, macro analyst explains

FTX crisis likely to spark a domino effect, macro analyst explains

The collapse of Sam Bankman-Fried’s crypto empire will likely have repercussions beyond crypto markets, according to Mike McGlone, Senior Commodity Strategist at Bloomberg. as they will accelerate the downside in equity and commodity markets, according to Mike McGlone, the senior framework analyst at Bloomberg. It just broke, so expect most of the dominoes to fall,” McGlone noted in a recent Cointelegraph interview. McGlone expects traditional stocks to continue falling as the Federal Reserve levy interest rates to curb inflation.

According to the analyst, the FTX crisis will also accelerate the fall in commodity prices as the global economy enters a recessionary phase.

The FTX shock is likely to send Bitcoin prices to new lows, according to McGlone. “I’m afraid bitcoin could go into the $10,000 to $12,000 range,” he believes.

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