Reserve

Bitcoin

Arthur

After a broad decline, the crypto market recorded a recovery session on Friday during Asian trading hours as Bitcoin (BTC) looks to regain a $60,000 price level. Amid the ongoing high fluctuation in the market, Former BitMEX CEO made a brief comment on the recent <a href="https://news.todayq.com/bitcoin-dips-as-market-tensions-rise-before-fed-reserve-meeting/" rel="noopener noreferrer nofollow">Federal Reserve</a> cuts. However, he cryptically hinted that PEPE might be the only one that can survive this crash. Arthur Hayes backing meme coins gain? 
Arthur Hayes in a post wrote, “Mayday” is a brief discussion on the recent Fed, US Treasury, the bank bailout policies. He added, “It’s money printing disguised. As such, I’m re-entering the market with super shitty shitcoins.”
In a blog attached to the post, he mentioned that Bitcoin has reached a local bottom. He expects a slow grind back up over the next few months.
According to Hayes, BTC hit a local low of around $58,600 but will rally back above $60,000. It is expected that it will then trade within a range of $60,000 to $70,000 until August. He characterized the 12% retreat in Bitcoin this week as a “well-needed market cleansing.”
He linked it to factors such as the tax season in the United States, concerns over Federal Reserve decisions, the Bitcoin halving “sell the news event,” and a slowdown in spot Bitcoin exchange-traded fund inflows. Where will market move next? 
Hayes expects the crypto markets to move higher following the recent sell-off. It can be driven by increased dollar liquidity from the Federal Reserve’s quantitative tightening (QT) taper and the US Treasury’s debt issuance plans. The expert sees this as a form of “stealth money printing,” which he believes is positive for high-risk assets like cryptocurrencies.
Meanwhile, other analysts share a similar outlook for a sideways market in the coming months. Jeff Ross, founder and CEO of Vailshire Capital Management, believes in respecting the ongoing “bullcrab market” despite recent challenges. He interprets the Fed’s “rhetoric pivot” as a transition from “bad-to-less-bad liquidity conditions” and suggests that the actual bull market may not have even started yet.
Institutional crypto brokerage MatrixPort also reiterated its outlook that post-halving, Bitcoin tends to move sideways for four to five months based on previous instances. Despite the recent fluctuations, Bitcoin prices recovered 4.2% on the day, trading at $59,804 at the time of writing, though still down 19% from the mid-March all-time high.

Only PEPE can survive this crash? Arthur Hayes on Mayday

Todayq News

Other articles published on May 3, 2024

BASE joins meme frenzy as BRETT takes off; GFOX set to top lists

Coinbase Witnessed Outstanding Performance in Q1 – JMP Research

Leading Altcoin Developers Announce Launch of Two New Tokens, Kickstarting Farming: A Major Boost...

New Mech Shooter coming to Steam, Armored Core 6, and Fallout Blend

Best Crypto to Buy Now May 3 – Toncoin, Bittensor, Cronos

BlockDAG’s Ascendancy In The Crypto Market With A Successful $22.4M Presale And Innovative Mining...

Join our free newsletter for daily crypto updates!