Bad News for Bitcoin Holders as Crypto Mogul Arthur Hayes Predicts Further Crash
The former CEO of BitMex and a popular crypto mogul Arthur Hayes sent a dark cloud in the entire crypto ecosystem when he announced that Bitcoin may likely pummel, yet again. He further revealed that this will happen only if the Fed Reserve doesn’t reveal its monetary policies.
Mr Hayes disclosed this during one of his interviews on January 19, when he was talking about inflation and its impact on the crypto market. While analysing the situation, he mentioned that since the Consumer Price Index (CPI) has continued to maintain a downward trend, even after it peaked by 9% in the middle of 2022, it will continue with this movement until it hits the 2% mark.
Reports have also shown that Hayes is not the only one that improvised this bad cloud; big-time crypto investors had hoped the Federal Reserve to bring down the rate, especially amid the downing inflation rate. They believe this will be a precautionary step against a full-blown recession. Heyes further explained that the reason for the current rally in the cryptocurrency market can lead to continued money printing by the Fed.
He continued that, should it come to that, (in a situation where the Feds resume minting of money,) the BTC will maintain its strong trend even as it is expected that the Feds continues to cut down on the increment of the rate.
Away from Haynes’s comment, responding to the improvisation, the Federal Reserve chairman, Jerome Powell has maintained that rates will keep increasing until the goal of inflation is achieved. He also stressed that a review of such a policy is not likely to come any soon because the CPI is going lower.
Statistically, it was reported that the yearly inflation rate had decreased to 6.5% in December. This is compared to the 7.1% rate in November. The month-over-month (MoM) inflation stood at 0.1%, this is compared to the increase of 0.1% that happened in the previous month.
In another development, some top cryptocurrencies have recorded a major gain in the past weeks. A typical example is the BTC which experienced an increase of more than $23,000 in the early hours of Saturday. This coin has not seen such an increase in over 5 months now. Ethereum: the second largest after BTC also has a noticeable increase, hitting $1,674: a 30% increase. And note that this increase happened on the same day as the BTC.
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