[ad_1]
Bitcoin
Bitcoin
apply now Forbes CryptoAsset & Blockchain Advisor Navigating the Latest Bitcoin and Crypto Market Crash
After falling below $16,000 in late 2022, Bitcoin’s price climbed above $23,000 per Bitcoin, a 30% surge since the start of the year.
XRP
advertisement
Arthur Hayes, former CEO of bitcoin and cryptocurrency exchange BitMEX, now believes that a “disastrous global financial meltdown” will crash the price of bitcoin and the cryptocurrency market. It warns that there is a possibility that
Brutal bear markets need up-to-date information the most! Sign up for free now crypto codex—Stay ahead of the market with our daily newsletter for traders, investors and anyone interested in cryptocurrencies
Bitcoin’s price may be headed for a cliffhanger, potentially disrupting the wider cryptocurrency market. … [+]
advertisement
“Bitcoin is only experiencing a natural bounce from local lows below $16,000,” Hayes said in a blog post, adding that “markets are leading the way in resuming printing of the Federal Reserve.” So we think bitcoin is going up,” he added.
Crypto market analyst Noel Acheson wrote in an email: “Market expectations for a moratorium on rate hikes and pivots are rising, but the Federal Reserve (Fed) has repeatedly made dissenting comments. .
Fed Chairman Jerome Powell, who last year raised interest rates to a 15-year high as part of a concerted effort to curb inflation, has said interest rates must be raised in 2023, pushing the benchmark higher. Other Fed officials who support The federal fund rate is over his 5%.
advertisement
“If the Fed doesn’t execute a pivot, or if multiple Fed presidents deny pivot expectations even after a ‘good’ CPI is printed,” Hayes said, “bitcoin will return to previous lows.” Predicting this scenario would create a “risky asset price crater. Bonds, stocks, and all crypto under the sun will likely crash into the global U.S. dollar-based financial system.” All go up in smoke as the glue that holds them together dissolves.”
If that “disastrous global financial meltdown” scenario were to occur, Mr. Hayes would “have another bite” and “know that the market has probably bottomed out, which happens when systems temporarily break down.” The crash will be to the previous $15,800 low, or not.”
Sign up now crypto codex— Free daily newsletter for those interested in cryptocurrencies
advertisement
Bitcoin’s price has surged so far this year, but some fear the crypto market’s rise … [+]
Bitcoin’s price fell below $16,000 following last year’s shocking FTX collapse, putting pressure on a compound crypto market that had already lost around $2 trillion.
But despite warnings of a looming market meltdown, Hayes expects the Fed to eventually step in to protect markets.
advertisement
“It doesn’t matter what level the downdraft ends up at,” Hayes said, “because the Fed will then print money, avoid another financial collapse, and mark the bottom of all risk assets.” because I know that,” he said.
[ad_2]
Source link
