BitMEX Co-founder, Arthur Hayes Claims Bitcoin Still Correlated with Global Risk Assets

02/26/2023 09:10 • Crypto & Markets • 157 views

It is reported that Arthur Hayes, the former CEO of BitMEX, said in the latest interview with Crypto Banter that Bitcoin has not really got rid of its connection with global risk assets. Although it has rebounded from below $16000 to above $24000 recently, the market is still waiting for a “correlation” moment, which means that it may experience another decline, including Bitcoin. Then once this correlation is over, the encryption field will be favored. （dailyhodl）

Former CEO of BitMEX: Bitcoin has not really got rid of its connection with global risk assets

Interpretation of the news:

In a recent interview with Crypto Banter, Arthur Hayes, the former CEO of BitMEX, stated that Bitcoin has not completely severed its ties with global risk assets. Despite its recent surge from below $16,000 to over $24,000, Hayes warned that the market is still waiting for a “correlation” moment, which could lead to another decline, including Bitcoin. The correlation of Bitcoin with global risk assets has been a point of contention for some time. However, Hayes’ comments hold weight given his involvement in the cryptocurrency space.

Hayes’ statement implies that Bitcoin may not have matured enough to be considered a true safe-haven asset, which is a role that Bitcoin enthusiasts have been advocating for a while now. He posits that an event in the global market could result in another downward trend for Bitcoin, as it is still currently correlated to other risk assets. Despite this, Hayes is still optimistic about the future of the cryptocurrency market. He predicts that once the correlation is broken, Bitcoin and the broader cryptocurrency market will be favoured by investors.

This is not the first time that Arthur Hayes has been vocal about his opinions on the cryptocurrency market. In 2018, he claimed that Bitcoin will reach $50,000 by the end of that year, a prediction that obviously did not come to fruition. In the interview, he did not provide a specific timeframe for this correlation moment but acknowledged that it is a possibility.

In conclusion, Arthur Hayes’ insights into the cryptocurrency market provide valuable points of view considering his experience in the industry. The statement that Bitcoin is still correlated with global risk assets may dampen the expectations of those who see Bitcoin as a safe-haven asset. However, it also highlights the potential for Bitcoin’s decoupling from traditional asset classes, which may signal a new phase of growth for the cryptocurrency market.

This article and pictures are from the Internet and do not represent qiAiAi's position. If you infringe, please contact us to delete:https://www.qiaiai.com/crypto/3489.html

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.