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  • BitMEX co-founder Arthur Hayes believes Bitcoin (BTC) will tap $50K

    BitMEX co-founder Arthur Hayes believes Bitcoin (BTC) will tap $50K

    BitMEX co-founder Arthur Hayes believes Bitcoin (BTC) will tap $50K
    • Arthur Hayes predicts Bitcoin (BTC) could fall below $50K amid market turmoil.
    • Bitcoin’s price drop has led to $36.71M in liquidations.
    • The Crypto Fear & Greed Index shows “extreme fear,” reflecting growing market anxiety.

    In recent days, the cryptocurrency market has been awash with uncertainty, with Bitcoin’s price taking a significant tumble.

    After slipping below $57,000 on September 5, Bitcoin has fallen to $55,711.26, leading to a sharp decline in market sentiment. This downturn has thrust the Crypto Fear & Greed Index back into the “extreme fear” zone, with a score of 22, a notable drop from the previous day’s “fear” score of 29.

    Arthur Hayes, co-founder of the cryptocurrency exchange BitMEX, has weighed in on the current market conditions and in a post on X, predicted a further decline in Bitcoin’s price, suggesting that it could fall below $50,000 over the weekend.

    Hayes’s prediction comes amidst a broader market slump and growing concerns about the US economy.

    Over 36 million Bitcoin long positions liquidated

    The recent plunge has seen Bitcoin wipe out approximately $29.7 billion from its market capitalization. According to CoinGlass data, the price dip has also resulted in over $36.71 million worth of long positions being liquidated, accounting for about 40% of today’s crypto liquidations.

    The drop in Bitcoin’s value has had a ripple effect across the cryptocurrency market. Other major cryptocurrencies have also experienced declines, with Ethereum (ETH) falling by 2.23%, Solana (SOL) dropping by 2.82%, and Ripple (XRP) seeing a 2.19% slump.

    This broad-based downturn has led to over $94.26 million in liquidations over the past 24 hours, with Bitcoin and Ether long positions accounting for over half of these liquidations.

    The current crypto market volatility is attributed to a confluent of broader macroeconomic factors. Notably, the recent US jobs data fell short of expectations, raising concerns about a potential Federal Reserve interest rate cut and adding to the market’s apprehensions.

    As Bitcoin navigates these turbulent waters, all eyes will be on whether Hayes’s prediction comes to fruition and how the broader market sentiment evolves in response to ongoing economic signals.

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  • Bitcoin to reach $70,000, says former BitMEX chief; growth forecasted for Bonk competitor

    Bitcoin to reach $70,000, says former BitMEX chief; growth forecasted for Bonk competitor

    Former BitMEX Chief Arthur Hayes recently made waves in the crypto world with his bold prediction that Bitcoin is set to reach $70,000 in the near future. This optimistic forecast comes amidst a flurry of excitement surrounding the world’s most popular cryptocurrency. 

    With Bitcoin already gaining significant momentum in recent years, Hayes’ projection suggests that the digital asset is poised for even greater growth. For investors seeking the top crypto coins and the best cryptocurrency investments, this news may signal an opportune moment to dive into the market.

    Bitcoin bullish outlook

    Hayes outlined several factors contributing to his bullish outlook on Bitcoin. He anticipates that the cryptocurrency will experience a surge in value, driven by various catalysts including potential financial crises and the impact of the Bitcoin halving event. 

    Moreover, the potential introduction of spot BTC exchange-traded funds (ETFs) by major asset managers in key markets like the US, Europe, and China could further propel Bitcoin’s ascent. With Bitcoin emerging as the king of cryptocurrency, investors are keeping a close eye on its trajectory.

    The rise of BONK

    In addition to the excitement surrounding Bitcoin, it’s worth mentioning the emergence of BONK, the first dog-themed coin on Solana. With its launch on December 25, 2022, BONK quickly gained attention within the crypto community. 

    Similar to memecoins like Shiba Inu and Dogecoin, BONK aims to bring liquidity back to Solana-based decentralized exchanges. As investors continue to explore the best cryptocurrency investments, BONK presents a unique opportunity to be part of an innovative project in the ever-evolving world of crypto.

    The rise of Rebel Satoshi

    While Bitcoin continues to dominate the headlines, another cryptocurrency has been quietly gaining traction in the market. Rebel Satoshi, a new player in the crypto space, is positioning itself as a formidable competitor to the likes of Bitcoin. With over 200% growth forecasted, Rebel Satoshi offers investors an alternative avenue for potential returns. As interest in memecoins and altcoins continues to soar, Rebel Satoshi stands out as one of the best memecoins to watch.

    Rebel Satoshi ($RBLZ) distinguishes itself by offering users the chance to explore 9,999 unique NFTs, showcasing exclusive digital art and collectibles. The project aims to create a vibrant marketplace where users can trade unique assets and embrace the rebellious spirit of Rebel Satoshi and The Recusants. With each asset representing distinct features and roles, investors have the opportunity to be part of a groundbreaking project that is reshaping the crypto landscape.

    The Rebel Satoshi presale

    As the Rebel Satoshi presale enters its final phase, investors have a limited opportunity to secure their stake in this groundbreaking project. With only 25 million $RBLZ remaining for this round, the clock is ticking for those looking to be part of the Rebel Satoshi ecosystem. 

    Built on the Ethereum network, one of the most secure blockchains in the crypto space, Rebel Satoshi is among the best crypto investments to consider at this moment in time.

    Conclusion

    The cryptocurrency market is abuzz with excitement as Bitcoin aims for new heights and Rebel Satoshi emerges as a formidable competitor. With the Rebel Satoshi presale offering a limited opportunity for investors, now is the time to consider joining the ranks of cryptocurrency enthusiasts and exploring the best crypto investments available. 

    Whether it’s Bitcoin, BONK, or other emerging players like Rebel Satoshi, the world of cryptocurrency offers endless possibilities for those willing to take the plunge into this exciting new frontier.

    For the latest updates and more information on the Rebel Satoshi presale, visit the official Rebel Satoshi Presale Website or contact Rebel Red via Telegram.

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  • BitMEX co-founder says BTC price may rise if monetary policies tighten

    BitMEX co-founder says BTC price may rise if monetary policies tighten

    • The Federal Reserve has increased its benchmark rate from 0.25% to 5.25% over the past year.
    • BitMEX co-founder believed that bondholders might seek more lucrative “risk assets,” such as Bitcoin.
    • Bitcoin’s four-year cycles might be linked to central banks’ low-rate policies.

    Challenging the conventional wisdom regarding the relationship between Bitcoin and interest rates, BitMEX co-founder and a well-known macro-analyst Arthur Hayes recently authored a blog post in which he argues that traditional economic logic would crumble under the immense debt burden of the US government.

    Hayes said that “central banks and governments are grappling with the use of outdated economic theories to address the unique challenges of today.”

    Hayes’ assertions come as the Federal Reserve increased its benchmark rate from 0.25% to 5.25% over the past year in an effort to curb inflation and maintain a 2% target. Although the Fed has succeeded in this endeavour, Hayes voiced concerns that inflation might persistently exceed expectations, given the substantial nominal GDP growth of 9.4% in Q3, contrasted with the 5% yield on 2-year US Treasury bonds.

    GDP growth remains astonishingly high

    In his analysis, Hayes highlighted that according to data from the Atlanta Fed’s GDPNow forecast, nominal GDP growth remained “astonishingly high.” Conventional economic theory would suggest that as the Fed raised rates, a credit-sensitive economy should falter. Indeed, this was evident in financial asset markets, including stocks and Bitcoin, which experienced a downturn in 2022, eroding government capital gains tax receipts.

    However, this decline in tax revenue led to increased government deficits, which needed to be funded by issuing more bonds to repay existing debt. In the context of a high-interest-rate environment, this translated to higher interest payments to wealthy bondholders.

    Hayes succinctly summarized this chain of events: “To summarize: as rates rise, the government pays more interest to the wealthy, the wealthy spend more on services, and GDP continues to grow.”

    As long as the economy outpaces the government’s debt obligations, Hayes believed that bondholders might seek more lucrative “risk assets,” such as Bitcoin.

    Efforts to combat inflation favour high-risk assets like Bitcoin

    Hayes contended that the Federal Reserve’s efforts to combat inflation would ultimately favour “finite supply risk assets” like Bitcoin. In a recent blog post, Hayes argued that the Fed’s strategy was siphoning money from one part of the economy while injecting it into another. As long as the Fed’s approach to taming inflation remained uncertain, assets like Bitcoin were likely to experience long-term growth.

    In a previous essay, Hayes had posited that Bitcoin would thrive in response to a tightening Fed, whose actions might inadvertently increase the money supply. He asserted, “If the Fed believes that it must raise interest rates and reduce its balance sheet to quell inflation, it’s essentially self-sabotaging.”

    Generally, analysts perceive lower interest rates as beneficial for Bitcoin and other risk assets, as they create an environment where investors have room to speculate for potentially higher returns. In June, Coinbase analysts issued a report suggesting that Bitcoin’s four-year cycles might be linked to central banks’ low-rate policies.

    Hayes acknowledged the positive influence of low rates on Bitcoin’s price, characterizing the asset’s relationship with central bank policy as a “positive convex relationship.” He concluded, “At the extremes, things become non-linear and sometimes binary. The US and the global economy are currently operating in such an extreme environment.”

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