According to Arthur Hayes, the crypto market’s decline was caused in part by investors cashing out following Bitcoin’s halving. Investors’ worries about the US Federal Reserve System’s (FRS) future moves and the decline in capital flows into spot Bitcoin ETFs are two more negative factors, according to the former CEO of BitMEX.
It won’t be until August ends that the price of Bitcoin goes over $70,000. It may come as a surprise to traders who are predicting the end of the Bitcoin bull run, but the trend has only just started. To purchase Bitcoin at a discount, I think you’ll have to wait a few weeks or months.
There needs to be more dollars available, bond sales should slow down, and interest on US Treasury securities should rise before Bitcoin’s value can recover. In the summer of 2024, the market will examine how the actions of the FRS affected the inflation rate, according to the entrepreneur.
Inflation, growing government debt, and an imbalance in the market supply of Bitcoin are factors that Arthur Hayes has previously mentioned as potential drivers of cryptocurrency price increases.