- Arthur Hayes, co-founder of BitMEX, has been optimistic about Bitcoin in recent months and advised the crypto community to consider buying the dip while BTC is trading below $25,000.
- Federal Reserve Chairman Jerome Powell stated, “I think the slowdown has helped us understand how much more we need to do.”
- In addition to the positive momentum in October, the price of BTC reached the highest level of the year at $35,919.
Bitcoin and cryptocurrencies seem determined to continue their upward rally this week. Arthur Hayes comments on the current situation!
According to Hayes, It’s Time for Bitcoin to Rise!
Arthur Hayes, co-founder of BitMEX, has been optimistic about Bitcoin in recent months and advised the crypto community to consider buying the dip while BTC is trading below $25,000. Bitcoin has risen by 75% this year, and the confirmation by the U.S. Federal Reserve of a rally similar to the one before the last halving, in response to a potential turn by the U.S. Federal Reserve, confirms the anticipated large rally following the most destructive bear market the crypto community has seen so far.
In response to a potential turn by the U.S. Federal Reserve, Arthur Hayes, co-founder of BitMEX, said on November 2 on the X platform, “I think it’s time to pump financial assets. It’s your turn, BTC, LFG!” (Let’s F****** Go!).
The U.S. Federal Reserve kept interest rates between 5.25% and 5.50% at its FOMC meeting on Wednesday. Federal Reserve Chairman Jerome Powell stated, “I think the slowdown has helped us understand how much more we need to do.” However, the possibility of an interest rate hike in December remains.
Meanwhile, every measure of inflation remains above the Federal Reserve’s 2% target, with the annual core PCE preferred by the Fed to measure inflation dropping to 3.7%.
Arthur Hayes suggests that it’s time to shift focus from Bitcoin and other cryptocurrencies to Treasury bonds. He points out that other central banks have had the opportunity to print money when the Fed paused for two consecutive months. In light of the Fed’s moderate approach, Hayes expects significant stimulus from China, Europe, and Japan.
The Rise of Bitcoin and Other Cryptocurrencies
In addition to the positive momentum in October, the price of BTC reached the highest level of the year at $35,919. Bitcoin is currently trading at $35,300 due to profit-taking by investors.
Meanwhile, the price of SOL has increased by 13% in the last 24 hours, and other top cryptocurrencies like ETH, XRP, ADA, and DOGE are also gaining bullish momentum.
