Arthur Hayes calls the condition for the bitcoin rate rise
According to the former BitMEX CEO, the value of the asset will be positively affected by the issuance of dollars amid the weakening of other global currencies against it
15.07.2022 - 15:00
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2 min
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What’s new? Arthur Hayes, the co-founder and former head of the BitMEX exchange, believes that the US Federal Reserve System (Fed) will soon start printing money again if the dollar continues to strengthen against international currencies. In his view, this will have a positive impact on the bitcoin rate. Hayes urged to keep an eye on the Japanese yen and the euro. He expects a currency intervention to weaken the US dollar if it strengthens above 150 Japanese yen, or if the euro falls below $0,9.
Must watch: The JPY and EUR. Expect an "intervention" to weaken the USD if JPY > 150 and or EUR < 0.90."Intervention" means the Fed printing money.Printing money means $BTC number go up.The situation is fluid. pic.twitter.com/jT0Mrgspjz— Arthur Hayes (@CryptoHayes) July 14, 2022
What does the chart show? Hayes gave an image showing the recent changes in the euro and yen against the dollar. One dollar is worth around 139 yen, while the euro has a similar value to the dollar. Both currencies show a clear trend of weakening in dollar terms for 2022.
What impact does the Fed have on bitcoin? In 2021, the cryptocurrency performed well compared to other assets as the Fed pursued a loose monetary policy. However, in 2022, the regulator tightened measures to combat inflation by raising interest rates and the bitcoin price collapsed to late 2020 levels. As of July 15, 15:15 UTC, the asset is trading at $20 951, having gained 4,51% overnight, according to Binance.
Galaxy Digital CEO Mike Novogratz earlier said that a recovery in the cryptocurrency market could be led by the purchase of bitcoins by international hedge funds operating in the field of traditional finance. However, to do so, in his view, the Fed needs to stop raising interest rates.
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