• 17 July, 2024

BitMEX Co-Founder Encourages Crypto Focus Amidst Fed’s Dovish Approach

BitMEX co-founder Arthur Hayes has reaffirmed his bullish stance on Bitcoin, urging the crypto community to seize the opportunity when BTC was trading under $25,000. As Bitcoin marks an impressive 75% surge this year, Hayes predicts a substantial pre-halving rally in light of the U.S. Federal Reserve’s pivotal shift, eagerly anticipated following the most severe crypto bear market in recent memory.

In response to potential actions by the U.S. Federal Reserve, Hayes made a statement in a recent X post asserting, “I guess it’s time to invest in financial assets.” During the recent FOMC meeting, the Federal Reserve kept interest rates at 5.25% to 5.50%. Fed Chair Jerome Powell urged cautions, asserting, “Slowing down is giving us, I think, a better sense of how much more we need to do, if we need to do more.” However, the possibility of a rate hike in December remains uncertain.

Despite the Fed’s preferred inflation gauge, annual core PCE, cooling to 3.7%, inflation measures continue to surpass the 2% target. Hayes advocated shifting towards Bitcoin and other cryptocurrencies from traditional treasury bills. With the Federal Reserve on a two-month pause, other central banks may seize the opportunity to increase money supply. Hayes anticipates substantial stimulus efforts from China, Europe, and Japan, aligned with the Fed’s dovish stance.

Esteemed analyst Mark Cullen recently stressed the importance of defending BTC at the $35,000 mark in a post on X. He observed that the present situation has become clear-cut following the breach of the Bitcoin range. It’s either a matter of holding and pushing upwards or facing a potential downward break, which could lead to the short-term loss of the major BTC uptrend. 

Cullen also indicated that for a significant shift in sentiment, Bitcoin would need to close a four-hour candle below the $35,000 mark. He asserted,

No reason to be bearish until BTC closes an H4 back below 35k. A dip back to test is fine & likely a #BTFD opportunity.

Bolstered by a strong October, BTC soared to a year-high of $35,919, though it is currently trading at $35,400, indicating a 2.72% increase in the last 24 hours. The global cryptocurrency market capitalization surged beyond $1.3 trillion overnight, with Bitcoin’s dominance hovering just below 54%.

In the wider altcoin arena, Solana (SOL) maintains its lead, recording an impressive 35% rally over the past seven days. Ripple (XRP) saw single-digit gains, while BNB, Cardano (ADA), and Toncoin (TON) experienced more subdued activity.

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