Global Crash Incoming – What Could This Mean for Crypto? – Arthur Hayes
BitMEX founder Arthur Hayes says Bitcoin and other risk assets are likely to experience a large correction before a real bull run occurs.
Arthur Hayes, the founder of BitMEX and a well-known figure in the cryptocurrency industry, recently discussed his thoughts on the current state of the digital asset markets in an interview with Crypto Banter.
While he believes that Bitcoin (BTC) and other cryptocurrencies have yet to fully break away from their correlation with global risk assets, he also anticipates a significant correction before a proper bull run occurs.
Hayes predicts that there will be a “correlation one” moment in which all risk assets, including Bitcoin, will experience a significant downturn. He does not believe that BTC will break the lows of the FTX saga, but he does anticipate a dip below $20,000.
However, once this correction occurs, Hayes says he will be “super bullish” on the digital asset space, even if other markets are struggling. This is because he believes that the monetary and fiscal authorities will respond by printing more money and handing it out to people, ultimately driving up the value of cryptocurrencies.
In a recent blog post, Hayes suggested that if Bitcoin and Ethereum (ETH) continue their recent rally from bear market lows, the rest of the cryptocurrency markets could experience a significant uptick in value. According to Hayes, altcoins could go “vertical” on the back of a sustained BTC and ETH bull run.
READ MORE: Stablecoin Regulation in the U.S. and FTX Collapse
However, Hayes cautions that the market for altcoins is highly volatile and subject to rapid fluctuations. He notes that low-value altcoins, go up and down in waves, with rallies in reserve assets like BTC and ETH typically followed by rallies in the lower-value assets.
Interest then shifts back to Bitcoin and Ethereum, and this process repeats until the secular bull market ends.
Overall, Hayes remains cautiously optimistic about the cryptocurrency markets’ future, anticipating corrections and bull runs as the industry continues to mature and evolve. As a veteran of the crypto space, he brings a wealth of knowledge and experience to his predictions and insights.
Andrey Kunev
Reporter at CoinsPress
Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.
