‘Doom Loop’ – Crypto Exchange Founder Suddenly Waves Shocking Bitcoin Price Prediction as Ethereum, BNB, XRP, Solana, Cardano, Luna, Avalanche, and Dogecoin Crash

Bitcoin

BTC
and cryptocurrencies have fluctuated wildly over the past week amid serious price warnings and dogecoin hype on Twitter.

Subscribe Now to Forbes CryptoAsset & Blockchain Adviser and successfully navigate the latest crypto price crash

The price of bitcoin has fallen from a high of around $43,000 to below $38,000 per bitcoin in recent days as crypto bulls and bears battle for control of the market. Other major cryptocurrencies including Ethereum, BNB

BNB
XRP

XRP
solana, cardano, luna and avalanche – also saw an increase in volatility.

Arthur Hayes, the co-founder of bitcoin and crypto exchange BitMEX, has explained how he sees bitcoin’s price eventually reaching $1 million — a much more bullish price prediction than the one he made earlier this month.

Want to stay ahead of the market and understand the latest crypto news? Register now for free CryptoCodexA daily newsletter for crypto investors and crypto curious

“The federal government will soon pay more interest on its debt than it receives in tax revenues if it is forced to pay a much higher interest rate than it does now,” Hayes wrote in his latest blog. BitMEX called it the “beginning of a catastrophic insolvency loop” that could push the price of bitcoin to $1 million per bitcoin by 2030.

Last week, Federal Reserve chairman Jerome Powell signaled that the US central bank plans to act aggressively in the coming months to fight inflation. Powell said a half-point rate hike “will be on the table” when the Federal Reserve meets on May 3, sending U.S. Treasury yields to levels not seen since late 2018 as fears mounted that a sharp spike monetary tightening could trigger a recession . †

“We start this week with China, which is causing additional growth concerns,” said Mohamed El-Erian, chief economic adviser at Allianz. CNBC† “We now have growth and inflation problems and that’s why you don’t just see movements in the stock market, but also certain movements … in the bond market.”

Hayes pointed to rising inflation and the European Central Bank’s (ECB)’s difficulties in raising interest rates, worsening the “catastrophic loop” scenario.

“The catastrophic loop will usher in $1 million worth of bitcoins and [a gold price of] $10,000 to $20,000 by the end of the decade,” predicted Hayes, who is awaiting sentencing after he and his BitMEX co-founder Benjamin Delo admitted in February that they had not posted the implementation of anti-money laundering controls to BitMEX.

The price of gold is up nearly 5% through 2022 and has reached record highs even as the price of bitcoin remains about 40% below its 2021 high.

“We need to campaign for interested flags to save some of their current account surplus in bitcoin so that bitcoin economies grow from farm to fork around the world,” Hayes added.

Register now for CryptoCodex—A free daily newsletter for the crypto-curious

MORE FORBES“Target Bitcoin Price” – Internal Documents Reveal How EU Can Crack Bitcoin and “Protect” Ethereum

However, earlier this month, Hayes revealed that he was betting on a bitcoin and ethereum price “crash” by June, writing that the bitcoin, ethereum and crypto markets “will drive stocks down as we enter a recession, and stocks up.” as we work our way out.”

Other bitcoin and crypto market watchers have also pointed to recent price volatility, although most in the crypto industry remain optimistic.

“Bitcoin price has been very erratic lately with a broad shift from a $38,000 support level to a $41,000 resistance level,” said Alexander Mamasidikov, co-founder of mobile digital bank MinePlex. , in email comment. “However, in the coming week, we can expect bitcoin price to form a stable support at $41,000.”

Leave a Comment