Arthur Hayes, the former boss of Bitmex, who is famous for his predictions in the cryptocurrency market, explains why he is still bullish on the leading altcoin Ethereum (ETH). Also, Hayes describes the new role of the leading crypto Bitcoin (BTC).
Is the trend of leading altcoin Ethereum up?
Arthur Hayes, a prominent crypto enthusiast and currently one of the most popular analysts in the cryptocurrency space, shares his views on the current state of the market. Hayes transcribed his views in an article format. The famous forecaster dives deep into the monetary policy of the US Federal Reserve once again in his new article. However, he also does not forget to express his thoughts on both Ethereum and Bitcoin.
Arthur Hayes provides a deep analysis of the effects of the Fed’s actions on the cryptocurrency market. The famous analyst once again records the bull stance in the leading altcoin Ethereum in his new article. cryptocoin.com As you follow, Merge, the highly anticipated upgrade of Ethereum, is very important for Ethereum and the crypto market. Hayes also refers to Ethereum Merge. According to the author, September’s Merge will lead to positive price action for the leading altcoin regardless of US dollar liquidity conditions.
The analyst says that the reduction in ETH issuance and the positive reverberation between price and network activity will help ETH achieve a positive price impact. However, according to Hayes, these factors are so strong that they are likely to overcome any monetary policy tightening even if price action is weaker than expected.
At press time, the leading altcoin is trading at $1,683, according to CoinMarketCap data. Ethereum is up 2.17% on a daily basis, while on a weekly basis it has lost more than 9%.
“Bitcoin: Real-time smoke alarm”
Arthur Hayes then moves on to the leading crypto Bitcoin. In the view of the former boss of Bitmex, there is a strong correlation between Bitcoin and global US dollar liquidity conditions. In fact, Hayes says, it sometimes becomes a better-performing indicator. He states that BTC represents an organization of monetary relations of society, unlike traditional ones. That’s why it records in real time that it turns into a kind of smoke alarm. According to the analyst, “If the dollar system generates surplus, Bitcoin is ready to absorb it,” he concludes.
At press time, the leading crypto is changing hands at $21,719, according to CoinMarketCap data. Bitcoin is up 1.04% on a daily basis, while it has lost more than 7% on a weekly basis.
