BitMEX founder Arthur Hayes spoke about cryptocurrencies at the Korea Blockchain Week event. Hayes stated that, contrary to the majority, the bull market for Bitcoin and altcoins has already begun.
According to the famous phenomenon, the rescue of Silicon Valley Bank, which went bankrupt on March 10, became a signal for the bull cycle. During the period in question, Silvergate and Signature Bank were also in a difficult situation, and American government institutions prevented the banks from going bankrupt.
Arthur Hayes believes that the US’s stance on banks amounts to “quantitative expansion”. The cryptocurrency phenomenon therefore believes that the bull market started on March 10, 2023.
Since SVB’s bankruptcy, Bitcoin has gained approximately 25% in value. Altcoin units generally rose less. This led to criticism that Hayes’ idea was not very valid. However, the BitMEX founder hinted that he expects further upward movement in the market between May and September 2024.
“I expect the rest of the market to respond to these decisions over the next 6-12 months.”
Hayes stated that Bitcoin will continue to perform well regardless of the FED’s monetary policy.
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