Cryptocurrencies could be facing their first real recession, says expert

Commodity strategist Mike McGlone said that the market could be facing their first real recession. The digital asset market has suffered its first macroeconomic contraction since the introduction ofBTCUSD, according to a recent assessment posted on Twitter.

McGlone believes that similar turning points could be expected this time around, as the last contraction contributed to Bitcoin's rise.

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It's possible that cryptocurrencies may be facing their first real recession, which usually means lower asset prices and higher volatility. The last significant US economic contraction, the financial crisis, resulted in the birth ofBitcoin, and the possible economic reset may mark similar milestones, McGlone tweeted on Monday.

McGlone provided insight on how much price pain investors should expect before long-term gains resume, based on the historical performance of the stock market.

The history of US recessions shows the Nasdaq 100 at par with its 200 week moving average MA. Price Action: At the time of writing, BTC was trading at $22,912. According to Benzinga Pro, 92 were up 0.0% in the last 24 hours.

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