Experts dismiss correlation between McRib return and Bitcoin price surge
Experts have dismissed any correlation between the return of McDonald's McRib sandwich and a rise in Bitcoin prices, calling the two "completely unrelated." This follows a circulating belief among crypto traders that the return of the McRib signals an impending increase in Bitcoin's price. Luke Nolan, a senior researcher at CoinShares, pointed out that this theory overlooks instances where Bitcoin prices did not rise after the McRib's return. Carlos Guzman, VP of Research at GSR, also stated that there is "no causal mechanism" between the two, merely an "interesting coincidence." Bitcoin's price is currently hovering around $79,750, down 6% over the past month, as the market awaits the Federal Reserve's next move. Jake Koch-Gallup, a senior research analyst at Blockworks, believes that in addition to the Federal Reserve's interest rate decision, catalysts in the next two weeks include the expiration of $11.69 billion in Bitcoin options and the U.S. midterm elections.
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Disclaimer: This content reflects the author's personal views only and does not constitute investment advice.
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