Titled in video “Recession fears are on the rise”Scott Melker, Mike McGlone and Dave Weisberger talked about macroeconomics for about an hour.
As a highlight, McGlone pointed out that the two largest memecoins in the market, Dogecoin and Shiba Inu, are clear indicators that the US economy is still beyond the control of the Fed.
In short, a Bloomberg analyst points out that the markets are different from the previous times the Fed raised rates. After all, stock and cryptocurrency prices continue to rise despite US monetary policy.
“When it got back to that level, it was time to start buying again”explained McGlone. “But this time the market is recovering, this level is past Fed tightening, the economy is heading for recession, what should you do? To sell.”
“I mean it’s just my indication, just sell. Maybe I’m wrong, but if I saw a hurricane I should warn.”
Dogecoin and Shiba Inu worth billions are a bad sign, says Bloomberg analyst
Next, Mike McGlone is amazed at the number of cryptocurrencies on the market. More specifically, the analyst cites Dogecoin (DOGE) and Shiba Inu (SHIB) as examples that the Fed is still a long way from achieving its goal.
“I do believe that Bitcoin will continue to outperform all other cryptocurrencies… But 22,000 cryptocurrencies, things like Dogecoin and Shiba Inu that have some value, show that [ainda existe] inflation in the system and it needs to be purged.
McGlone also points out that all market rallies ended in massive declines. “You need to get rid of excess liquidity, risky assets and excessive speculation”he continued, citing the crises of 1929 and 2000 as examples.
“Dogecoin and Shiba Inu are nothing but pure speculation machines. Maybe there are 100 currencies that matter and number 1 is Bitcoin.”
Traders Anticipate, Mike McGlone Expresses Concern
Bitcoin tracked its rise after the US released its inflation data this Wednesday (12), which came in lower than expected by the market. The reason is simple: traders anticipate the Fed’s adjustments, hoping that rates will find a limit and eventually be cut.
However, Mike McGlone is concerned about such a move. In a tweet published this Thursday (13), the Bloomberg analyst points out that the US central bank is playing a different game than before. That is, monetary policy can stay as it is for a long time.
“Don’t Blame Ethereum’s $2,000, Bitcoin’s $30,000 As Risky Assets Spike”wrote the Bloomberg analyst this Thursday (13). “Markets may be in the early days of adjusting to disinflation, which is normal in recessions, but the Federal Reserve may never ease as easily as it has in the past. Continued deflation can be mutual.”
Don’t blame $2,000 #Ethereum$30,000 #Bitcoin When risk assets peak – Markets may be in the early days of adjusting to #disinflationwhat is normal in #recessionsbut the #Federal Reserve may never come off with the ease it has had in the past. Prolonged deflation can be mutual pic.twitter.com/7yZE64RBap
— Mike McGlone (@mikemcglone11) April 13, 2023
Finally, the Fed is expected to keep interest rates high throughout 2023. However, it is worth noting that this escalation is not over yet. The next meeting of Jerome Powell and his team is scheduled for the first Wednesday in May, the 3rd, and should, as usual, shake the markets.
Source: Live Coins

Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.