HomeBitcoinBitcoin and Crypto Rally Tear Face Amid US Banking Crisis, Says BitMEX...

Bitcoin and Crypto Rally Tear Face Amid US Banking Crisis, Says BitMEX Founder Arthur Hayes


BitMEX co-founder Arthur Hayes says he is preparing for a massive Bitcoin and cryptocurrency rally as the Biden Administration fights to prevent contagion from spreading through the US banking system.

In a series of tweets, Hayes says he believes the Fed will be forced to stop its rate hikes altogether and start pumping money back into the system, paving the way for an inflow of capital into risky assets and particularly to crypto markets.

The prediction comes as the US banking crisis continues, with First Republic Bank shares plunging 75% on Monday as investors rush to reassess their portfolios and individuals and corporations examine the safety of their assets within the nation’s regional banks.

Hayes says he thinks the outcome is already clear.

“Are you ready for the fucking bull market?

45 minutes in the US [market] open, and banks stopped left, right, and center. At 4:00 pm ET, federal funds could return to 0%…

Prepare for a harrowing rally in risk assets. MONEY PRINTER GO BRRR!!!”

The price of Bitcoin, which was created to be a decentralized and autonomous bank in cyberspace without the need for intermediaries, is already skyrocketing amid the banking crisis.

Bitcoin jumped from a Friday low of $19,662 to $24,231 at press time, marking a staggering 23% change.

On Sunday, the Biden Administration announced that it would support all depositors at the failed Silicon Valley Bank, as well as the recently closed Signature Bank, and ensure that everyone can get their money out.

The measure is designed to reassure the American public that the money in their bank accounts is safe and that even accounts that hold more than the FDIC-insured amount of $250,000 will remain intact.

The Fed has created a separate facility designed to offer loans of up to one year to institutions affected by bank failures.

Regional US banks are failing due to fears about their investments in US bonds, which are designed to hold a stable value and offer institutions a safe way to diversify and earn returns.

But the value of those bonds has plummeted amid the Fed’s series of aggressive rate hikes.

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Featured Image: Shutterstock/Vadim Sadovski/Chuenmanuse


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