• Mike McGlone, senior macro strategist at Bloomberg Intelligence, predicts that a recession could be the top catalyst to push gold prices above the $2,000-per-ounce range.
• The global cryptocurrency market capitalization is currently around $1.08 trillion and bitcoin has never seen a U.S. recession nor Fed tightening before.
• According to McGlone’s data, there is a high probability of an economic contraction which may push gold prices higher in 2023 if a recession occurs.
Mike McGlone Shares March Outlook
Bloomberg Intelligence senior macro strategist Mike McGlone shared his March outlook this week concerning assets like commodities, precious metals, equities, and bitcoin. He noted that the „top catalyst“ for gold to rise above the $2,000-per-ounce range is a recession with a sharp drop in stock markets as well as an economic contraction from the yield curve in about 30 years and Federal Reserve still tightening its stance. The global cryptocurrency market capitalization today is $1.08 trillion with bitcoin’s 50-week moving average below its 200-week level amid Fed’s tightening; however it has bounced to around $25,000 recently signaling divergent strength vs central bank according to McGlone.
Gold Prices Could Reach Above $2K
McGlone believes that gold prices have potential to reach above $2k per unit if the U.S economy slides into a recession due to its greatest potential for economic contraction from the yield curve in about 30 years and Federal Reserve still tightening its stance which would guide most metals lower and gold higher in 2023 according to him. He also mentioned that bitcoin has never faced this kind of situation before but if it can sustain above $25k then it will signal divergent strength vs central bank as swift snapbacks are typical of bear markets.
Data Predicts High Probability of Recession
The chances of a recession look likely according to Mike Mcglone’s data he stated “Based on the highest probability of recession from three month – 10 year treasury curve in our database since 1992″. This would suggest that if indeed a US recession does occur then chances are high that gold price could soar up above 2K per ounce which was his point of view regarding this matter when he was discussing different assets like commodities ,precious metals ,equities and cryptos earlier this week .
Impact on Bitcoin Price
When talking about bitcoin price ,Mc Glone questions whether recent rally was hollow or an enduring recovery with other factors such as Fed tightening impacting crypto market cap which currently stands at 1 trillion dollars approximately indicating some decrease over last day by 1 percent 57 percent .He further added that at some point most risk assets will bottom out because US central Bank is still in tightning mode but there is always hope as long treasuries yields remain low compared to historical levels .
In conclusion Mike Mc Glone discussed various factors such as US Economy sliding into recssion ,Fed Tightening ,treasury yields remaining low compared to historical levels and so on impactng different asset prices including precious metal such as Gold which have great potential reaching beyond 2000 USD per ounce depending upon how US Economy behaves and reacts going forward .Moreover Cryptocurrency Market cap also stands at decent figure of 1 Trillion Dollars indicating slight decrease over last day .
• Colombian court held one of the first judicial hearings in the metaverse using Horizon Worlds technology.
• Participants were represented by virtual avatars, and their identities were verified through emails sent to them.
• While the hearing was successful, some critics questioned its effectiveness as compared to video hearings.
Colombian Court Holds Hearing in the Metaverse
Historic Virtual Process
María Victoria Quiñones Triana, magistrate of the Magdalena court, approved the realization of this hearing, using Horizon Worlds technology provided by Meta and virtual avatars to represent participants in the process. The court used various avatars to represent each one of the parties involved and verification numbers sent to emails registered in their names as proof of identity.
Significance for Judicial Branch
Quiñones stated that verifying true identity is a key process when it comes to utilizing metaverse tech for judicial purposes: „The metaverse constitutes a technological tool that can facilitate access to the administration of justice.“ She further added that information technology can be utilized for expediting and facilitating these processes.
Limitations & Criticism
The public audience who watched via Youtube had mixed opinions about using metaverses for judicial processes. Some commented that there weren’t any advantages compared to video hearings, while others argued it would make transportation easier for people living far from courts. Quiñones responded with understanding towards constructive criticism regarding deficiencies within the Judicial Branch.
Although this was an historic moment for Colombia’s legal system, more research must be done on how effective utilizing metaverses are compared to other methods such as video hearings when it comes to analyzing psychological traits of participants or providing transportation assistance for citizens living far away from courts.
•Solana (SOL) prices dropped to a three-week low on Feb. 10, as market momentum turned bearish.
•Cardano (ADA) was also on the decline, falling by as much as 8% today.
•The Relative Strength Index (RSI) for both tokens is currently at its weakest point since early January.
Biggest Movers: SOL and ADA Plunge
Cryptocurrency markets saw a bearish shift in momentum on Feb.10, resulting in Solana (SOL) dropping to a three-week low and Cardano (ADA) declining by 8%. The Global Market Cap has decreased 4.23%, with bears recapturing sentiment.
Solana Prices Drop
Following a high of $22.90 on Thursday, SOL/USD moved to an intraday low at $20.20 earlier in the session, which is its lowest point since January 19 when solana last collided with a floor at $20.00. The 14-day Relative Strength Index (RSI) has consistently declined since hitting its peak of 87.67 back on January 13 and is now tracking at 44.21 – its weakest point since the beginning of January when SOL was under $10.00 – indicating that prices are gradually moving in the right direction for longer-term bulls .
Cardano Prices Decrease
Cardano (ADA) extended its own recent sell-offon Friday, with prices falling for a third straight session to an intraday low of $0.3558 earlier today after peaking at $0.3896 on Thursday – breaking out of a floor at $0
• Pick n Pay, a South African retailer, now accepts bitcoin payments at all its stores across the country.
• The retailer was able to do this due to the Financial Sector Conduct Authority (FSCA) declaring crypto as a financial product.
• Customers can use the bitcoin lightning network to buy groceries, airtime and electricity tokens from Pick n Pay stores.
South African Retailer Pick n Pay Now Accepts Payments via BTC
Pick n Pay, one of South Africa’s leading retailers, has announced it now accepts bitcoin as payment at all its stores across the country. Using the bitcoin lightning network, customers can now purchase items such as groceries, airtime and electricity tokens with BTC.
Background on Bitcoin Adoption in South Africa
In November 2022, the Financial Sector Conduct Authority (FSCA) declared crypto a financial product – paving the way for Pick n Pay’s adoption of BTC payments. This followed an experiment by PNP to accept bitcoin payments at one of its staff canteens back in 2017 which proved successful but too costly to continue using it then.
Reaction to Announcement
Crypto QR, a South Africa-based crypto payments firm welcomed PNP’s move that allows residents to use bitcoin for everyday purchases with their tweet „Good news, everyone! Crypto QR is now active at all Pick-n-Pay stores across South Africa“. Twitter users also lauded PNP for taking a step that helps promote use and adoption of bitcoin as an alternative payment method.
Disadvantages of Using Bitcoin for Everyday Purchases
However, some Twitter users pointed out the disadvantages of using crypto assets for everyday purchases such as price instability which could lead shoppers overpaying for something if prices change quickly after buying it.
Overall this move by Pick n Pay provides more opportunities for people to spend their bitcoins on everyday purchases while furthering cryptocurrency adoption in South Africa.