Cryptocurrencies are headed for intense turbulence in the second half of April, spurred by the Bitcoin halving and a Fed “bag of tricks,” says the BitMEX co-founder.
The Bitcoin halving this month, combined with a “bag of tricks” from the Federal Reserve and Treasury, will “add propellant to a raging firesale of crypto assets” and depress the crypto market for weeks, says BitMEX co-founder Arthur Hayes.
In an April 8 blog post, Hayes wrote he believed the Bitcoin halving would “pump prices in the medium term” but warned crypto prices “directly before and after could be negative.”
“The narrative of the halving being positive for crypto prices is well entrenched. When most market participants agree on a certain outcome, the opposite usually occurs,” he wrote.
