Arthur Hayes, former CEO of BitMEX, shares his prediction of Bitcoin's drop to $90,000 influenced by US bank-issued stablecoins.
Prediction of Bitcoin Drop
Arthur Hayes predicts that Bitcoin will temporarily fall to **$90,000** due to the emergence of US bank-issued stablecoins. "I predict a temporary dip in Bitcoin’s value to $90,000, followed by a surge due to the influence of US bank-issued stablecoins," stated Hayes.
Institutional Investments in Cryptocurrencies
Investments from major institutions like the Cartwright Pension Trusts in Bitcoin highlight a growing trend of corporate treasuries diversifying with crypto assets. This move reflects increasing acceptance and the potential disruptive nature of stablecoins in the financial landscape.
Current Bitcoin Market Situation
As of the time of publication, Bitcoin is priced at $118,893.10 with a market cap of $2.37 trillion. Bitcoin holds a market dominance of 60.64%, and its 24-hour trading volume is $66.99 billion. Price changes in recent days range from a 0.59% drop over 24 hours to a 25.19% rise over 90 days.
Arthur Hayes' predictions and the activity of institutional investors may indicate changes in the acceptance of cryptocurrencies and their roles in financial portfolios.
