Mike McGlone Says Ongoing SEC Feud May Lead to a New Milestone for Bitcoin
Another perspective on the current trend in the cryptocurrency market was highlighted by Mike McGlone, Senior Macro Strategist at Bloomberg Intelligence, who said that the ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) may be a turning point for Bitcoin, adding that there could be a milestone.
He thinks that the momentum may be increased by increasing Bitcoin futures open interest and decreasing fund price differences. Following a recent oral argument in Grayscale’s case against the SEC for rejecting its request to turn the GBTC trust into an exchange-traded fund (ETF), McGlone altered his opinion. The expert argues that Grayscale is more likely to become an ETF and that the halt in the long-running bull market of GBTC is only a passing blip.
“GBTC Litigation May Mark Milestone for Bitcoin, Crypto Maturity – Rising #Bitcoin futures open interest and narrowing fund price disparities may represent an unstoppable crypto maturation process.”
The analyst also believes that Bitcoin, which is currently walking on eggshells owing to macroeconomic conditions, may benefit from the ongoing bear market and the recent dip. However, he had recently voiced doubts on Bitcoin’s capacity to move above the $25,000 resistance level. Despite a recent market recovery, McGlone thinks that Bitcoin is still facing substantial obstacles.
On Twitter, McGlone claimed that “Don’t fight the Fed” was the key market influencer in 2022 and that it was still the case during the first quarter of the year. McGlone continues to have a gloomy stance on Bitcoin’s trend as a result, thinking that it will continue to move lower.
Coming back to the hearing, the judges seemed to warm to Grayscale’s arguments and one of them questioned the disparity between the prices of GBTC shares and Bitcoin. The second judge expressed skepticism regarding the SEC’s decision to approve futures ETFs but not spot ones.