Bloomberg Industry Research's Mike McGlone warns that geopolitical tensions and tightening liquidity could trigger massive sell-offs in equities and cryptocurrencies. He predicts U.S. stocks could decline by as much as 50%, while Bitcoin could retreat to around $10,000 and lead the decline in risk assets. He emphasizes that market volatility is disconnected, with gold's volatility being 2.5 times that of the S&P 500 Index, and believes the recent oil price surge may only be a temporary bull trap.

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