The Federal Reserve may crash bitcoin as part of its fight against inflation. If the U.S. regulator hikes the discount rate again this week, BTC and ether (ETH) could update local lows, according to Bloomberg strategist Mike McGlone.
At the same time, the expert believes that in the long term, the largest digital currencies retain the chance to take off.
McGlone predicts that the decline in the crypto market will be severe but short-lived. An increase in the discount rate will cause both stock indices and digital currencies to collapse.