The former CEO of derivatives exchange BitMEX has changed his view on the state of the cryptocurrency market following the rapid rise in prices of Bitcoin and Ethereum.
Optimism Fuelled by Crypto Growth
The recent surge in the crypto market has played a significant role in Arthur Hayes' new optimistic outlook. Bitcoin's rapid ascent to new highs has prompted him to reconsider his earlier warnings.
Hayes' Shift in Predictions
Previously, Hayes had warned about potential negative effects from the U.S. Treasury's actions regarding the replenishment of the General Account, which could pressure risk assets like cryptocurrencies. However, following Bitcoin and Ethereum's recent surge, his viewpoint has changed.
Political Factors and Market Impact
Hayes noted that the political climate in Washington could positively affect the market. He pointed to speculation that President Trump might ease his hardline stance on tariffs—a move Hayes jokingly referred to as "TACO" (Trump Always Chickens Out). If true, it could signal a friendlier environment for risk-on assets like altcoins.
Hayes' changing forecasts reflect current market sentiments in the cryptocurrency landscape, which appears to be on the verge of a new growth phase, supported by both market and political dynamics.
