The narrative that Bitcoin should have increased in value in reaction to Russia’s invasion of Ukraine is one that many in the crypto space anticipated, but the reverse has occurred on February 24, with the market suffering an enormous selloff.
Speaking with Scott Melker, the host of Wolf of all Streets podcast, Bloomberg senior commodity strategist Mike McGlone highlighted that the markets are way overdue for a pretty significant correction, most notably in terms of equities, but this has also been felt in the crypto market as well.
Notably, McGlone thinks that this is a ‘defining moment’ for the digital asset; although there are downside risks, he believes that this is a “very good buying opportunity” for long-term investors who had left funds on the side.
