Crypto Bull Arthur Hayes Predicts Bitcoin Rally Despite Market Challenges

Bitcoin

Former BitMEX CEO and well-known cryptocurrency enthusiast Arthur Hayes has predicted that Bitcoin would rise despite continued difficulties on the cryptocurrency sector, including a recent SEC investigation on two significant exchanges.

The “wall of worry is being climbed,” Hayes said in a tweet on Monday, urging his followers to board the “bull market bus” for Bitcoin.

This occurred in the midst of a general market slump that saw Bitcoin fall 5.9% in 24 hours, from its Sunday evening top of $27,455 to about $25,600.

The post from Hayes, a well-known individual in the cryptocurrency sector, conveys resolute confidence in a market that has just been severely impacted.

Following reports of SEC litigation against two major exchanges, Binance and Coinbase, the price of cryptocurrencies has been erratic this week, alarming investors. Nevertheless, despite these market shocks, Bitcoin’s value barely recovered by Wednesday, rising to $26,791.

Particularly worrying for the industry’s future are these cases. The SEC charged Binance with mishandling client cash and luring US consumers who aren’t allowed to trade on the exchange. The SEC said that Coinbase, a cryptocurrency exchange with a sizable U.S. user base, has been trading cryptocurrencies that ought to be registered as securities.

The result of these legal battles may have a big impact on how cryptocurrencies are treated in the future. The way cryptocurrencies are governed may be significantly changed if the courts decide in the SEC’s favour and declare that many digital assets should truly be regarded as securities, thereby granting the SEC authority over them.

admin

Read Previous

‘They Didn’t Sue FTX’ Binance CEO on Broad SEC Crackdown

Read Next

Tether Gold (XAUt) Review: A Digital Asset Structured as A Stablecoin

Leave a Reply

Your email address will not be published. Required fields are marked *

Right Menu Icon