Crypto Currency

Ten Things You Need to Know Today: Wednesday 18 Nov 2020

Brexit trade deal ‘days away’ as hurdles fall An agreement between the UK and EU about post-Brexit trade could be “just days away,” says The Daily Telegraph, after the latest talks in Brussels. Hopes have risen after the Irish prime minister said “landing zones” for an agreement are now in sight. France is believed to have…

Brexit trade deal ‘days away’ as hurdles fall
An agreement between the UK and EU about post-Brexit trade could be “just days away,” says The Daily Telegraph, after the latest talks in Brussels. Hopes have risen after the Irish prime minister said “landing zones” for an agreement are now in sight. France is believed to have accepted that its fishing rights in UK waters will be reduced after the transition period ends on 31 December, removing one of the most significant obstacles.

Trump fires official who rejected election fraud claim
Donald Trump has fired Chris Krebs, the director of the Cybersecurity and Infrastructure Security Agency, who had denied the president’s allegations of widespread voter fraud. On Twitter, Trump said he was firing Krebs because of his “highly inaccurate” statement that there “is no evidence that any voting system deleted or lost votes, changed votes, or was in any way compromised”.

PPE suppliers with political ties ‘more likely to succeed’
Companies bidding to supply personal protection equipment, such as masks and gloves, were ten times more likely to be successful if they had political connections, according to the parliamentary spending watchdog. It emerged yesterday that a Spanish businessman who acted as a go-between on contracts to provide gowns, masks and other equipment for NHS workers was paid £21m of taxpayers’ money.

Corbyn’s return to Labour Party provokes mixed response
Sir Keir Starmer has faced both criticism and praise after Labour decided to readmit former leader Jeremy Corbyn just three weeks after he was suspended for his reaction to the report on anti-Semitism in the party. The Board of Deputies of British Jews said Labour had taken a “retrograde step” in its efforts to rebuild relations. However, Len McCluskey, head of the Unite union, tweeted: “Jeremy Corbyn’s readmission is the correct, fair and unifying decision.”

Household mixing ban proposed to save Christmas
People from separate households will be barred from mixing when the national lockdown ends under government plans to keep the infection rate low in the run-up to Christmas, according to The Daily Telegraph. In recent days, government scientific advisers have suggested that a return to the regional tiered system will have to be accompanied by tighter rules within each tier. However, the plans also reportedly include a loosening of restrictions for a few days over the festive season.

Ban on new petrol and diesel cars in UK from 2030
The government has announced that new cars and vans powered wholly by petrol and diesel will not be sold in the UK from 2030, ten years earlier than previously expected. Boris Johnson says the move is part of a “green industrial revolution” to tackle climate change and create jobs. The plan also aims to make cycling and walking more attractive ways to travel and to invest in zero-emission public transport for the future.

Self-isolating Boris Johnson to hold PMQs remotely
The prime minister will make history today by holding his weekly question-and-answer session with MPs via video link. Boris Johnson is self-isolating in 10 Downing Street after coming into contact with fellow Conservative MP Lee Anderson, who later tested positive for coronavirus. He decided to take questions remotely rather than ask deputy Dominic Raab to stand in for him.

Anxiety grows over Trump’s military plans
Senior Republicans have expressed concerned about Donald Trump’s “bucket list” of actions for his final weeks in office,  The Times reports. The outgoing president has ordered a withdrawal of US troops in Afghanistan and Iraq, and options for a strike on Iran’s main nuclear processing facility were reportedly discussed at the Oval Office last Thursday. Trump was talked out of an attack.

Investors flock to Bitcoin during the coronavirus pandemic
Anxiety over the Covid-19 pandemic has helped Bitcoin, the world’s best-known cryptocurrency, to pass $17,000 (£12,800) and hit a three-year high. Amid volatility on global stock markets, investors have been piling money into cryptocurrencies, which they see as a “safe haven”. However, one investor said: “I have far more confidence in the $50 note in my wallet retaining its value over time than Bitcoin.”

Weinstein monitored amid Covid-19 rumours
The disgraced Hollywood boss Harvey Weinstein is sick and being “closely monitored” in prison, where he is serving a 23-year sentence for rape. A spokesperson for Weinstein said he has a fever but would not “confirm nor deny” that the 68-year-old had tested positive for Covid-19. He is considered vulnerable to the virus because of age, weight and other medical issues.

Read More

Be the first to write a comment.

Leave a Reply

Your email address will not be published. Required fields are marked *

Crypto Currency

Bitcoin ETFs Add $251 Million as Institutional Demand Holds Strong

Bitcoin exchange-traded funds (ETFs) continued their inflow streak on Tuesday with a $251 million addition led by Blackrock’s IBIT. Ether funds also posted modest gains, while XRP ETFs slipped into outflows, and solana ETFs saw no trading activity. XRP Sees $3.9 Million Exit as Bitcoin ETFs Extend Inflow Streak Momentum in crypto ETFs continued to

Bitcoin exchange-traded funds (ETFs) continued their inflow streak on Tuesday with a $251 million addition led by Blackrock’s IBIT. Ether funds also posted modest gains, while XRP ETFs slipped into outflows, and solana ETFs saw no trading activity. XRP Sees $3.9 Million Exit as Bitcoin ETFs Extend Inflow Streak Momentum in crypto ETFs continued to [……
Read More

Continue Reading
Crypto Currency

Best Crypto Presale: Pepeto Can’t Back the Talk, Bitcoin Hyper Can’t Move the Needle, but DeepSnitch AI’s Confirmed Uniswap Launch Changes Everything

Ethereum treasury company Sharplink revealed a staggering $734.6 million net loss for 2025 following a market decline in the second half of the year. This comes as Ethereum’s prices dropped, with the token falling under $2k. In situations like this, traders often look for the best crypto presale to recover losses…

Ethereum treasury company Sharplink revealed a staggering $734.6 million net loss for 2025 following a market decline in the second half of the year. This comes as Ethereum’s prices dropped, with the token falling under $2k. In situations like this, traders often look for the best crypto presale to recover losses…
Read More

Continue Reading
Crypto Currency

Bloomberg strategist doubles down on $10,000 bitcoin call but peers say it would take a nuclear war to get there

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bloomberg strategist doubles down on $10,000 bitcoin call but peers say it would take a nuclear war to get there The longtime bitcoin bear’s gloom-and-doom call met with fierce rebuttal from industry analysts. By Olivier Acuna| Edited by Stephen Alpher Mar

Share this article

X iconX (Twitter)LinkedInFacebookEmail

Bloomberg strategist doubles down on $10,000 bitcoin call but peers say it would take a nuclear war to get there

The longtime bitcoin bear’s gloom-and-doom call met with fierce rebuttal from industry analysts.

By Olivier Acuna|Edited by Stephen Alpher
Mar 11, 2026, 5:00 p.m.
Make preferred on
(Corbis via Getty Images)

What to know:

  • Bloomberg strategist Mike McGlone is reiterating his bearish call that bitcoin could fall below $10,000, arguing the crypto market remains in a prolonged macro-driven unwind.
  • Several analysts dispute the likelihood of such a steep drop, saying a move to $10,000 would likely require an extreme global liquidity crisis or other extraordinary shock.
  • While some market watchers see room for further downside, they generally expect bitcoin to drift lower or trade in a wide range rather than collapse, and some argue the major bear-market bottom may already be in.

Bloomberg Intelligence senior commodity strategist Mike McGlone, who previously said bitcoin could drop to $10,000, is reiterating his call that bitcoin could still fall below that level, an outlook several market analysts said would require an extreme macroeconomic shock.

In an interview with EllioTrades, McGlone said the crypto bear market may not be over and warned that bitcoin could remain vulnerable if global risk assets reprice sharply.

McGlone’s forecast was met with rebuttals from several market analysts who said that while they agree a further downside for bitcoin is possible, a drop to $10,000 would likely require an extraordinary global liquidity event.

“Analysts often get lost in short-term macro noise, and sometimes they extrapolate that into silly conclusions,” said Mati Greenspan, founder and CEO of Quantum Economics.

“For an asset like bitcoin, which regularly sees tens to hundreds of billions of dollars in daily trading volume across global markets, to revisit $10,000 we’d need a global liquidity crisis, a nuclear war, and the internet to stop working.”

Bitcoin is currently hovering around $70,000, after trading between $69,000 and $71,000. BTC’s price rise appeared to coincide with oil quickly reversing most of its session’s large gains, dropping $3 per barrel in minutes. Other crypto assets, including ether (ETH), solana (SOL) and XRP, also saw upward moves.

Bitcoin price on Wednesday (CoinDesk data)
Bitcoin price on Wednesday (CoinDesk data)

McGlone based his bearish analysis on broader macroeconomic conditions. He believes bitcoin has increasingly traded in tandem with other speculative assets as institutional participation in crypto markets has grown, weakening the narrative that crypto serves as an uncorrelated hedge against traditional markets.

According to McGlone, the crypto sector remains trapped in a broader macroeconomic unwind driven by deflationary pressures, excess speculative supply and what he sees as an unfinished correction in traditional risk markets.

Further downside still possible

Other analysts, who see potential for further bitcoin price decline, also echoed Greenspan’s sentiment that McGlone’s price target is unlikely.

“A move toward levels like $28,000 would likely require a meaningful contraction in global liquidity, widening credit spreads, or a broader financial stress event rather than just a late-cycle slowdown,” said Jason Fernandes, co-founder and market analyst at AdLunam.

Jonatan Randin, senior market analyst at PrimeXBT, also said bitcoin could see further downside but described the $10,000 prediction as highly improbable.

“There will always be analysts calling for extreme price targets during a bear market,” Randin said. “Can we go down to $10,000? Yes, it’s possible, but I see it as highly unlikely.”

Randin expects bitcoin to gradually drift lower in the coming months, adding that the next major accumulation zone could emerge between $30,000 and $40,000.

“If the market is in a downtrend, you are in a bear market,” Randin said. “You’re going to remain in a bear market until the primary trend shifts.”

In the shorter term, however, he expects bitcoin to remain largely range-bound between $60,000 and $70,000, warning that even a rally toward $80,000 could prove temporary if broader macro pressures persist.

The bottom may already be in

Greenspan said identifying an exact market bottom is difficult, but he noted that bitcoin may have already completed its major bear-market correction.

“Trying to pick an exact bottom is a fool’s errand,” he said. “Structurally, bitcoin already cleared its major bear market in 2022. We’re currently looking at roughly a 50% retracement from the all-time high, which is not unusual for bitcoin.”

He added that recent price action has been encouraging and that it is “quite possible we’ve already seen the bottom.”

McGlone, however, believes the market still needs to go through a prolonged cleansing of speculative excess before a durable bottom can form.

“I think it’s going to last a while, and I don’t think it’s going to end until we purge some of these excesses,” he said.

“It’s a bear market,” McGlone added. “Sell rallies.”

Read more: Next week could spice things up for bitcoin as seven central banks face an inflation test

Bitcoin Newsmarket analysisMike McGloneMati Greenspan

More For You

The Definitive Stablecoin Landscape Series: North America

16x9 Image Stablecoin Landscape Series

As stablecoins evolve into core financial infrastructure, North America leads. This report maps the regulation, market shifts, and players driving adoption.

Why it matters:

Stablecoins are entering their third phase of evolution – the institutionalization era – becoming increasingly embedded into core financial infrastructure. As institutions prioritize transparency and compliance, regulated issuers like USDC, RLUSD, and PYUSD are steadily gaining share with RLUSD surpassing $1B in market cap within its first year. North America, leading in regulatory frameworks and institutional distribution, is at the center of it all.

View Full Report

More For You

Strategy’s 11.5% dividend equity bounces back faster than historical average to unlock more bitcoin buying

Strategy Executive Chairman Michael Saylor at the Digital Asset Summit in New York City on March 2src, 2src25. (Nikhilesh De)

Preferred shares recovered in nine days after their ex-dividend drop, enabling further bitcoin accumulation.

What to know:

  • STRC, the perpetual preferred equity used by Strategy to fund bitcoin purchases, returned to its $100 par value nine trading days after going ex-dividend on March 13
  • The rebound is slightly faster than its typical 10-day recovery period.
  • The return to par gives Strategy the freedom to issue more of…
Read full story
Latest Crypto News
OKX crypto Mastercard (Photo: OKX Press Office/Modified by CoinDesk)

OKX won’t rush IPO as exec warns poor listings hurt crypto industry

Strategy Executive Chairman Michael Saylor at the Digital Asset Summit in New York City on March 2src, 2src25. (Nikhilesh De)

Strategy’s 11.5% dividend equity bounces back faster than historical average to unlock more bitcoin buying

DRW's Don Wilson (DRW)

Why big banks are snubbing open ledgers to build their own private blockchains

Bitcoin (BTC) price on March 26 (CoinDesk)

Bitcoin slips below $69,000 as oil rebounds on fading Middle East peace hopes

Gold outperforms bitcoin

Bitcoin holds ground as gold, silver slide on ETF outflows and liquidity strains: JPMorgan

CoinDesk

The NYSE wants to bring blockchain to Wall Street without breaking the existing system

Top Stories
Coinbase logo shown on a laptop screen

Coinbase, Fannie Mae bring crypto-backed mortgages to homebuyers

Coinbase CEO Brian Armstrong at the White House

Market structure bill compromise draws wide-ranging reaction from fractured crypto crowd

Matador waving flag to a bull. (Sternschnuppenreiter/Pixabay)

Bitcoin has traded in a tight range for nearly 50 days – but this is not a “bear flag”

MARA Holdings CEO Fred Thiel (CoinDesk)

MARA Holdings higher by 10% after selling $1.1 billion in bitcoin to fund debt buyback

Representative Zach Nunn (Anna Moneymaker/Getty Images)

U.S. midterms pack major digital assets punch as Stand With Crypto preps strategy

French HIll, chairman of the House Financial Services Committee (Jesse Hamilton/CoinDesk)

U.S. lawmakers dig into tokenizing se

!–>!–>!–>!–>!–>!–>!–>!–>!–>!–>!–>!–>
Read More

Continue Reading
Crypto Currency

Arthur Hayes Says He Wouldn’t Buy Bitcoin Yet: Wait For This

Arthur Hayes is still structurally bullish on Bitcoin. He just does not think now is the moment to buy. Speaking on the Coin Stories podcast on March 10, the BitMEX co-founder and Maelstrom CIO said he would stay patient until a more familiar macro catalyst arrives: central bank liquidity…

Arthur Hayes is still structurally bullish on Bitcoin. He just does not think now is the moment to buy. Speaking on the Coin Stories podcast on March 10, the BitMEX co-founder and Maelstrom CIO said he would stay patient until a more familiar macro catalyst arrives: central bank liquidity…
Read More

Continue Reading