‘FED sledgehammer’ will further batter BTC, ETH prices, says Bloomberg analyst

‘FED sledgehammer’ will further batter BTC, ETH prices, says Bloomberg analyst

With the Merge resulting in a ‘buy the rumor, sell the news event,’ Mike McGlone thinks that ETH might drop to “$1,000, or even get a bit lower" given how hawkish the Fed has been.

The U.S. Federal Reserve’s inflation “sledgehammer” is about to batter the prices of Bitcoin (BTC) and Ether (ETH) down even further, before reaching back to new all-time highs in 2025, according to Bloomberg analyst Mike McGlone.

Ahead of the latest Fed interest rate hike to be announced this week, the market is expecting a minimum of a 75-basis-point increase, however some fear it could be as high as 100 basis points — which would represent the biggest rate hike in 40 years.

Speaking with financial news outlet Kitco News on Sept. 17, McGlone, the Senior Commodity Strategist at Bloomberg Intelligence, suggested that further market carnage is on the cards for BTC, ETH and the broader crypto sector, as Fed’s actions will continue to dampen investor sentiment.

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