Important Factor Could Benefit US Dollar, Bitcoin And Ethereum

There is an important geopolitical factor that could reportedly benefit the US dollar, Bitcoin, and Ethereum as well. After more corrections, now the crypto market is making efforts to recover its price losses. Check out the latest reports below.

It’s been just revealed that Bloomberg’s senior commodity strategist thinks current geopolitical tension in Eastern Europe and the current macroeconomic backdrop may not be a bad thing for Bitcoin (BTC) and Ethereum (ETH).

Mike McGlone has recently posted on his social media account that the current macroeconomic environment including rising inflation and asset prices may keep the values of Bitcoin and Ethereum afloat this year.

Check out his tweet below.

Digital-asset stalwarts #Bitcoin, #Ethereum and the proliferation of crypto dollars may find a firm foundation in 2022 on elevated inflation and asset prices, along with tension surrounding #Russia and #Ukraine. The No. 1 crypto is showing divergent strength vs. equities. pic.twitter.com/6SO3WPzxCg

— Mike McGlone (@mikemcglone11) February 17, 2022

It’s also important to note the fact that according to McGlone, the eruption of an armed conflict in Europe could prove to be beneficial for the US dollar.

The analyst also notes that Ethereum-powered, dollar-pegged stablecoins may buoy ETH’s price.

“The fact that Ethereum made crypto dollars possible, along with the escalating use of the technology to transact greenbacks, supports Ethereum’s price.”

Here’s what the analyst had to say about Bitcoin as well:

“Bitcoin indicating a rough week ahead – inflation unlikely to drop unless risk assets do. Most assets are subject to the ebbing tide in 2022, on the inevitable reversion of the greatest inflation measures in four decades, but this year may mark another milestone for Bitcoin.”

At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $38,856. Stay tuned for more juicy news from the crypto space.