BitMEX cryptocurrency exchange co-founder Arthur Hayes said during his speech at the Token2049 conference in Singapore that the Bitcoin rate will depend on the Japanese yen in the short term.
Arthur Hayes stressed that the weakening of the Japanese yen will lead to the strengthening of the value of the first cryptocurrency. But if the yen strengthens, then Bitcoin and other digital assets will come under pressure.
The cryptocurrency market's reaction to the US Federal Reserve's (FRS) interest rate cut has not yet fully manifested itself, according to a crypto enthusiast:
"I think this is the calm before the storm. What usually happens is there is an initial reaction, and the real reaction comes around the close of traditional financial markets on Friday, and then cryptocurrencies follow them, up or down, over the weekend."
According to the entrepreneur, lowering rates against the backdrop of growing US dollar emissions and increasing government spending is a mistake for the global financial system, but will allow cryptocurrencies to become more popular among investors, as their profitability will increase.
Earlier, Arthur Hayes compared the effects of the Fed's rate cut on the US economy to a "sugar high" that could cause a ripple effect and a short-term upward trend.
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