Two Catalysts Identified by BitMEX Co-founder Arthur Hayes That Could Propel Bitcoin and Ethereum to New Highs
Arthur Hayes, the co-founder of BitMEX, has unveiled two significant catalysts that he believes could potentially propel Bitcoin (BTC) and Ethereum (ETH) to unprecedented highs. Hayes highlights the recent accumulation of BTC by newly launched spot Bitcoin exchange-traded funds (ETFs) in the US as a potential driver for Bitcoin’s value surge. Additionally, he points to potential interest rate cuts by the Federal Reserve, projected to commence in June according to the CME Group’s FedWatch tool, as another factor that could boost the value of both cryptocurrencies.
In regard to Ethereum, Hayes foresees a remarkable rally fueled by the potential approval of a spot market ETF for the leading smart contract platform. Moreover, he suggests that certain altcoins may surpass BTC and ETH in the current market environment.
Hayes underlines the global trend of fiat debasement and its capability to elevate Bitcoin to “unfathomable heights” in terms of fiat currency, alongside the accumulation by spot ETFs. He also notes that the anticipated introduction of a US-listed Ether ETF is likely to contribute to the escalating Ether prices. While expressing his personal inclination towards expanding his Bitcoin and Ether portfolios, Hayes acknowledges a growing interest in altcoins.
Previously, Hayes has indicated that advancements in artificial intelligence (AI), coupled with a more lenient monetary policy from the Federal Reserve, could potentially lead to a substantial increase in the total market capitalization of cryptocurrencies by trillions of dollars in the upcoming years.
Analyst comment
Positive news. The market is likely to experience a significant rally for Bitcoin and Ethereum due to the accumulation of BTC by spot ETFs and potential interest rate cuts by the Federal Reserve. Ethereum may also see a boost with the potential approval of a spot market ETF. Altcoins could outperform BTC and ETH.
