Former BitMEX chief said bitcoin and Ethereum reached local bottom
Arthur Hayes believes that the rates of the leading cryptocurrencies will not drop below $25 000 and $1 700 respectively
02.06.2022 - 09:30
213
2 min
0
What’s new? Arthur Hayes, the former co-founder of cryptocurrency exchange BitMEX, said that bitcoin and Ethereum rates have already reached a local bottom. In his essay, Hayes traced the major price cycles of the major cryptocurrencies and concluded that the rate of BTC will not fall below $25 000 and ETH — $1 700. In his view, the market recovery should be expected when the US Federal Reserve System (Fed) stops raising its key rate.
Hayes’ predictions. Earlier, the former BitMEX chief predicted that the rate of ETH would reach $10 000 after the release of an upgrade that would see the network switch to the Proof-of-Stake (PoS) consensus algorithm. In a new essay, he maintained his prediction but noted that due to the geopolitical situation, this could happen a year later.
“The politics must align with the macroeconomic environment to produce the catalyst for crypto to exit the current bear market,” Hayes explained.
Earlier, former BitMEX co-founder said that bitcoin would reach $1 million by the end of the decade. In his view, one of the triggers for the rise in the price of the first cryptocurrency would be an acceleration of inflation. In this, Hayes noted that at the moment we should not expect a sharp rise in the price of the asset to $70 000.
What happened before? In late May, the US court sentenced Hayes to six months of house arrest and two years’ probation for violating the Bank Secrecy Act regarding the lack of procedures for identifying BitMEX exchange customers.
Useful material?
Telegram 
Twitter Trends
BTC, ETH, SOL, and LINK trading are already available to users
Nov 29, 2023
Incidents
Earlier, the court banned the businessman from leaving the United States before sentencing for sanctions violations and AML violations
Nov 29, 2023
Market
On November 27, the asset reached its highest level since last July
Nov 29, 2023
Incidents
The exchange noted that the asset no longer meets internal quality standards
Nov 28, 2023
Market
On November 24, bitcoin reached its highest since May last year
Nov 28, 2023
Cryptocurrency rates
-
Bitcoin
$37 684
BTC
+0.68%
-
Ethereum
$2 023.57
ETH
-0.5%
-
BNB Smart Chain
$227
BSC
-1.19%
-
Ripple
$0.606016
XRP
-0.35%
-
Cardano
$0.379053
ADA
-0.37%
-
Dogecoin
$0.080451
DOGE
+1.02%
-
Polkadot
$5.2
DOT
-0.03%
-
Litecoin
$69.39
LTC
+0.53%
-
Bitcoin Cash
$221.89
BCH
-0.23%
-
Stellar XLM
$0.11832
XLM
+0.73%