Arthur Hayes predicts bitcoin will fall to $ 17,500 in the near future

Former BitMEX CEO Arthur Hayes shared his thoughts on the future of the flagship cryptocurrency: bitcoin will fall to $ 17,500 in the near future, the analyst believes.

According to Hayes, the situation in both the traditional and cryptocurrency markets is very unstable, and bitcoin directly depends on the further actions of the US Federal Reserve. From November 2021 to the present day in 2022, dollar liquidity conditions have deteriorated significantly. «What will happen to dollar liquidity? By the end of this year, the Fed is seeking to reduce the size of its balance sheet, and the Treasury is issuing a large amount of debt to finance the government. Both of these actions remove liquidity from the system. This will lead to a drop in momentum and a collapse of the hryvnia. So we are preparing for lows of $ 17,500,» Arthur Hayes wrote.

The former CEO of BitMEX also congratulated the Ethereum team on the update, and in his opinion, the ETH on PoS is currently working successfully. «The technology is complex, so we should congratulate the Ethereum developers who have made such an incredible step. As expected, the number of ETH decreased by almost 13 thousand per day,» Hayes summarized.

In early September, Hayes predicted that Ethereum 's price would rise to $ 3000 after Ethereum switched to the Proof-of-Stake consensus algorithm. However, this did not happen, and Hayes is currently refraining from making assumptions about the price of ETH.

As for the current state of the cryptocurrency market, bitcoin is trading at $ 18,996, down 0.75% per day; ethereum is trading at $ 1297. Interestingly, the XRP token, which belongs to the Ripple blockchain, grew by 40% in 2 days — the best result among the top digital assets in recent times.