Former BitMEX CEO Arthur Hayes commented on market turmoil and warned Bitcoin traders about potential volatility in the coming weeks.
Arthur Hayes' Commentary
Arthur Hayes noted in his post on social network X that the 'Liberation Day' was not well received by the market. He added that if Bitcoin holds $76.5k until the US tax day on April 15, then the market might stabilize.
Crypto Market After Tariff Announcements
Bitcoin's price declined to $82,000 while gold surged past $3,150 in response to uncertainty following the US administration's sweeping tariff announcements. A 10% tariff was imposed on all countries with higher rates for major economies. The move was accompanied by a national emergency declaration, further rattling financial markets. Initially, the market reacted positively, but prices reversed sharply. The total cryptocurrency market cap dropped by over 5% to $2.7 trillion.
Future Market Outlook
Hayes' latest remarks suggest Bitcoin's ability to maintain key support levels until April 15 could determine market stability. Previously, Hayes predicted Bitcoin could reach $250,000 by year-end based on expanding fiat supply and potential quantitative easing by the Federal Reserve.
Arthur Hayes cautions that the next few weeks could be a crucial juncture for the crypto market given current instability and market participants' expectations.
