Mike McGlone, senior macro strategist at Bloomberg, has warned that the escalating war between the U.S.-Israel and Iran could trigger a downturn in the stock and crypto markets due to the potential volatility in energy and precious metals. This could lead to a 50% drop in equities and a decline in the crypto market, he warned. The closure of the Strait of Hormuz is increasing prices and the volatility in crude oil, energy, natural gases, and precious metal could trickle up to the stock market. McGlon also highlighted that Bitcoin (BTC) and silver were trading higher only to drop, and noted that the peak of the crude oil rally resembled the peaks in 2022 and 2008.