Bank of America chief investment strategist Michael Hartnett said markets are showing the characteristics of a bubble in the record-setting surge by the technology sector’s so-called Magnificent Seven stocks and the all-time highs in crypto.
Bitcoin retreated from its latest record high amid an intensifying debate about whether the latest bull run in cryptocurrencies is evidence of speculative froth in global markets.
Both Bitcoin and a gauge of the top 100 tokens, which includes the likes of Ether, BNB and Solana, are up roughly 60% so far this year. In a Bloomberg Television interview, Bank of America Corp. chief investment strategist Michael Hartnett said markets are showing the characteristics of a bubble in the record-setting surge by the technology sector’s so-called Magnificent Seven stocks and the all-time highs in crypto.
For Bitcoin, supporters point to about $11.6 billion of net inflows into dedicated US exchange-traded funds and an upcoming reduction in the token’s supply growth as fundamental supports.