The price of bitcoin (BTC-USD) has been under pressure, sliding below the $60,000 benchmark level with ethereum (ETH-USD) and other altcoins following suit. Where is this down trend coming from and can investors expect it to fall further?

IDX Advisors chief investment officer Ben McMillan joins Market Domination to give insight into the recent movements in cryptocurrencies and what investors can expect moving forward.

McMillan argues that crypto tail risks could emerge from “material worsening of the macro data that could lead into a true recession, and then I think you’d have to watch out for bitcoin breaking below $50,000 And potentially retesting $40,000.”

On bitcoin’s prospects of riding high to $73,000, McMillan states:

“I think it’s a coin flip. A lot of it rides on whether or not we get a recession, and if we do, how bad it is. The one big thing is the rates markets are still pricing in 100 basis points or even slightly more of rates cuts. To the extent that we only end up seeing 75 again, I think that suggests we’re going to see more of a risk off move.”