Waiting For The Bitcoin Bull Market? Arthur Hayes Claims It Started In March

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In line with the unstable nature of the cryptocurrency market, the Bitcoin (BTC) value has been experiencing a string of fluctuations prior to now few weeks. Regardless of the renewed optimism, because of Grayscale’s current victory in opposition to the USA Securities and Trade Fee (SEC), the value of the premier cryptocurrency has failed to remain above the $26,000 mark.

Whereas many buyers and crypto fanatics hope for a sustained Bitcoin bull run, some imagine the cryptocurrency is already in a bull market. In response to BitMEX co-founder and former CEO Arthur Hayes, Bitcoin has been garnering a bullish momentum way back to March 2023, though the market has “but to reply.”

Bitcoin Bull Market Started Since SVB’s Takeover, Arthur Hayes Claims

On Tuesday, fifth of September, Arthur Hayes stated in his keynote speech on the Korea Blockchain Week that the Bitcoin bull market began on March 10, the day the Federal Deposit Insurance coverage Company (FDIC) took over Silicon Valley Financial institution (SVB).

In March, Bitcoinist reported that the USA banking sector was in disaster following the failure of SVB and different banks. In a bid to stabilize the business and keep away from additional potential collapses, the Federal Reserve (Fed) launched the $25-billion Financial institution Time period Funding Program (BTFP) – providing banks loans of as much as a yr in trade for “qualifying property” as collateral.

In response to Hayes, the Fed-led BFTP primarily served as a backstop for the banking system, facilitating the trade of “troubled property” for contemporary and newly minted {dollars}. He additionally stated the transfer is an “admission of a flaw within the banking system’s construction, with one of many options being to print more cash.”

Hayes claims that this elevated provide of {dollars} and shift in financial coverage has pushed buyers to think about property with a set provide, akin to Bitcoin. “We principally ditched this entire facade that we care in regards to the worth of the greenback and the worth of any fiat forex,” he stated.

Curiously, BTC’s value efficiency within the final six months strengthens Arthur Hayes’ argument for an ongoing bull market. In response to CoinGecko knowledge, the worth of Bitcoin has grown by practically 27% p.c because the tenth of March.

When Will The Broader Crypto Market Catch On?

In his speech, Arthur Hayes additionally talked about that the remainder of the market hasn’t yet reacted to those developments, however he expects a response throughout the subsequent six to 12 months.

Moreover, the BitMEX co-founder asserted that Bitcoin would register a constructive efficiency even when the US Federal Reserve and different central banks continued to “print more cash or hike rates of interest.” Arthur Hayes stated:

In each situations, whether or not the Fed raises or cuts, we’re in a very good place because the cryptocurrency business.

As of this writing, Bitcoin is valued at $25,732, which displays a 0.1% value dip within the final 24 hours. In response to knowledge for CoinGecko, BTC stays the dominant cryptocurrency, with a market cap of greater than $503 billion.