Bloomberg analyst says BTC could lead downside in risk assets

Bitcoin may move ahead of a broader downturn in risk assets after having led their rise, Bloomberg Intelligence Senior Commodity Strategist Mike McGlone said. McGlone said Bitcoin, which was launched during the 2009 global financial crisis, had long led gains in risk assets and could now become a leading indicator for declines. He added that some central banks had already started raising interest rates as U.S. stocks entered what he described as a relatively overheated risk zone. With the U.S. midterm elections approaching and seasonal volatility set to increase, McGlone said the crypto market, including Bitcoin, was moving with strong correlation to equities like "stock puppets" and warranted close attention to a typical market reversion scenario.