Follow Us @
BitMEX co-founder predicts sharp decline for cryptocurrencies
-Trending Marketing news, content marketing, latest Ways to rank your website, marketing discoveries, Local SEO, seo and social media marketing services. enjoy your stay on our website.
Arthur Hayes, co-founder of BitMEX and a leading cryptocurrency analyst, not optimistic with the appreciation of Bitcoin (BTC). While the market is excited about the new highs, Hayes says there will still be a strong correction in digital asset prices.
This prediction was the topic of the last analysis published by Hayes in his newsletter on Tuesday (17). Interestingly, the analysis appeared just before the fall of BTC, which lost 4% in value in the last 24 hours.
Hayes’ comments sparked speculation, but he also showed himself optimistic about the long-term performance of cryptocurrencies. One of the reasons was his disbelief that the biggest catalyst for this rally – the United States’ BTC reserve – will actually get off the ground.
In his recent blog, Hayes said that the cryptocurrency boom began with the Donald Trump’s electoral victory in November. The new president’s promise to open the United States to the market was the major catalyst for BTC’s new price highs.
Hayes predicts fall in cryptocurrency market
Notably, Trump’s promise to create a Bitcoin Strategic Reserve (SBR) fueled market optimism, which helped the sector’s gains. But Hayes said that does not believe that the Trump administration will acquire 200 thousand BTC per year provided for in the so-called Bitcoin Act.
According to Hayes, the Politicians would rather spend newly created dollars on public goods than invest in Bitcoin. The BitMEX co-founder also stated that Congress will not fail to give in to the pressure to spend money. And if the purchase of cryptocurrency compromises this capacity, deputies will prefer to reject any law that creates an SBR.
Despite this, he remained optimistic about the BTC long-term trajectorynoting that discussions about the SBR alone created a “buying pressure” on the market.
What Hayes believes is that If SBR doesn’t get off the ground, Bitcoin and other cryptocurrencies could experience short-term corrections due to the sale of investors who bought betting on this. This drop will probably occur in January, around the 20th, when Trump will take office.
According to Hayes, this fall will not occur out of fear, but as a “natural cleaning” of excesses that occurred at the end of 2024. However, despite the pessimistic outlook, Hayes said the market will once again rally sharply higher after this “distressing dump” of sales.
The recent global shift towards a positive view on digital assets generated a strong rise in Bitcoin and other cryptocurrencies. And the idea of a strategic Bitcoin reserve also arrived in the European Union (EU).
BitMEX co-founder predicts sharp decline for cryptocurrencies
Follow TODAYSGIST on Google News and receive alerts for the main trending SEO news, Ai news, latest Ways to rank your website, marketing discoveries, Local SEO and lots more!
BitMEX co-founder predicts sharp decline for cryptocurrencies
SHARE POST AND EARN REWARDS:
Did you like this post?!!! Join our Audience reward campaign and make money reading articles, shares, likes and comment >> Join reward Program
FIRST TIME REACTIONS:
BitMEX co-founder predicts sharp decline for cryptocurrencies
Be the first to leave us a comment, down the comment section. click allow to follow this topic and get firsthand daily updates.
JOIN US ON OUR SOCIAL MEDIA: << FACEBOOK >> | << WHATSAPP >> | << TELEGRAM >> | << TWITTER >
BitMEX co-founder predicts sharp decline for cryptocurrencies
