Arthur Hayes, the co-founder of BitMEX, recently shared his positive outlook on the cryptocurrency market, stating that it is poised to enter a bull mode after the recent turmoil caused by the SVB liquidation and USDC’s depegging. Despite the high levels of volatility the market has been experiencing, Hayes believes that a sustained bull run could follow a massive cryptocurrency price correction that is looming.
In a tweet, Hayes said, “OH BABY tell me where high interest rates touched you on the balance sheet. I’ll make it feel real good. Are you ready for the mother fucking bull market?” His statement came at a time when the depegging of USDC, a popular stablecoin, caused a significant price drop across the market, and the liquidation of SVB, a large Chinese mining operation, added to the uncertainty and contributed to further price drops.
Are you ready for the mother fucking bull market?
— Arthur Hayes (@CryptoHayes) March 13, 2023
In a recent interview on the Crypto Banter show, Hayes weighed in, drawing comparisons to the 2008 financial crisis and questioning whether the banking system was on the verge of another collapse. According to Hayes, Bitcoin and other risky assets are expected to undergo a massive correction in the near future as a significant amount of liquidity exits the market.
Despite his warning about an imminent correction, Hayes remains optimistic about the long-term prospects of the cryptocurrency market. He believes that as more institutional investors enter the space and regulatory clarity improves, the market will continue to grow and mature.
Hayes’ bullish outlook is shared by many others in the cryptocurrency industry who see the recent market turbulence as a temporary setback. As the market continues to evolve and mature, it is likely that we will see more fluctuations, but the long-term trend is likely to be positive.
Read more:
- US Banking Industry In Crisis As Crypto-Friendly Bank Silvergate Goes Under And SVB Financial Scrambles For Funds
- BitMEX Co-Founder Draws Parallels Between 2008 Financial Crisis And The Current State Of The Banking System