Arthur Hayes says that BTC and ETH quotes have reached the bottom
A reversal of the current market trend can be expected when the Fed suspends the increase in the key rate, says BitMEX co-founder Arthur Hayes. He believes that BTC and ETH prices are already at the bottom of the current cycle.
According to Hayes, inflation has a devastating effect not only on the cryptocurrency industry, but also on technology market participants. Venture investors are forced to reduce their own balance sheets.
The crypto enthusiast pointed out that the fall in the digital asset market disrupted the correlation between cryptocurrencies and the Nasdaq 100 index. The businessman noted that for BTC and ETH, each drawdown of a new cycle is higher than the historical maximum of the previous one.
“There may be an exchange trading at a higher or lower intraday level than what we are seeing. The point is to be generally accurate and approximate the range that can be considered a local bottom. For Bitcoin, this is $25,000-$27,000. For Ethereum, $1,700 to $1,800,” Hayes wrote.
And experts from Economist Impact note that more and more investors find cryptocurrencies useful. The new study included 3,000 participants, 50% of whom live in developed countries and the other half were from developing countries.
About 75% of respondents have received higher education and often used digital payment instruments. The survey also involved 150 institutional investors and corporate governance experts.
85% of investors agreed that open-source assets like Bitcoin and Ethereum are needed in order to diversify the assets in their portfolios or accounts. Respondents acknowledged that over the past 3 years, the demand for cryptocurrencies has increased significantly, including CBDCs and corporate digital assets.
The active development of the Web3 industry and projects related to the metaverse may increase the need: 74% of those surveyed agree that NFTs have become a new type of asset that attracts more and more private companies. And about 65% of the heads of organizations who took part in the study believe that digital currencies of central banks will become a replacement for fiat.
