Arthur Hayes predicts that cryptocurrency will experience a 'painful drop' during Trump's inauguration
Click on the avatar to watch the live broadcast and chat!
As the January 20, 2025, inauguration of the U.S. president approaches, former BitMEX CEO Arthur Hayes predicts a pessimistic outcome for cryptocurrency. In his latest article, Hayes stated that cryptocurrency will experience a 'heart-wrenching crash' on the day of Donald Trump's inauguration.
Hayes currently manages a family office called Maelstrom and believes that changes in Trump’s administration's cryptocurrency policy will gradually occur. Many cryptocurrency investors expect Trump to quickly change the political landscape in the U.S. However, Hayes claims that Trump currently does not have a politically acceptable solution to rapidly implement such changes.
Hayes wrote, 'The market will immediately realize that Trump has at most one year around January 20 to implement any policy changes. This realization will lead to a significant sell-off of cryptocurrencies and other Trump 2.0 stocks.'
Since Trump's victory, the price of Bitcoin has risen over 50%, increasing from around $68,000 to a record $108,268. As of the writing of this article, BTC is trading at $104,133, down 3.15% in the last 24 hours. However, this leading currency has still risen 5.29% in the past week and 14.5% in the past month.
Trump's victory has raised expectations for significant changes in cryptocurrency regulation. The former president has promised to 'do great things in the cryptocurrency space,' including establishing a national Bitcoin strategic reserve.
The recent surge in spot Bitcoin exchange-traded funds (ETFs) has also fueled Bitcoin's upward momentum. According to a CNF report, the past week saw an astonishing net cash inflow of $2.17 billion into spot BTC ETFs led by BlackRock's IBIT and Fidelity's FBTC.
There are high expectations that Bitcoin will continue to soar in the coming days. Many market analysts predict that by the end of 2024, the price of BTC will reach $150,000.
Click on the avatar to watch the live broadcast and chat!
