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BitMEX co-founder Arthur Hayes says bitcoin bottomed at $58,600 earlier this week and will begin a slow climb as bitcoin whale “Mr.100” bought btc for the first time since the bitcoin halving.
In a recent blog post, Hayes attributed bitcoin's recent drop to the US tax season, concerns about the Fed's policy decisions, and investors selling the news after the halving. Inflows into US spot bitcoin exchange-traded funds (ETFs) have also slowed considerably.
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“Mayday” is a brief discussion of the recent policies of the Federal Reserve, the US Treasury, and the bank bailout. It's money printing in disguise. As such, I am re-entering the market with super shitty shitcoins.
The hat stays on!https://t.co/XmBpQqzBx9 pic.twitter.com/1SkIqZm5xk
—Arthur Hayes (@CryptoHayes) twitter.com/CryptoHayes/status/1786177132651221261?ref_src=twsrc%5Etfw”>May 2, 2024
As US policies continue to pump in billions of dollars of liquidity each month, Hayes believes cryptocurrency prices will slowly rise.
“While I don't expect cryptocurrencies to immediately realize the inflationary nature of the recent US monetary announcements, I do expect prices to bottom out, decline, and begin to slowly rise,” he said.
Hayes predicts that bitcoin will now surpass $60,000 and then trade in a range between $60,000 and $70,000 until August. So far, he has been proven right, with the price of bitcoin up 5% to $61,739 as of 10:40 a.m. EST.
bitcoin Whale Mr. 100 Buys the Dip
The bitcoin whale nicknamed “Mr.100” has purchased over $242 million worth of bitcoin at the $58,000 mark.
This was the first time the wallet purchased bitcoin since the halving event on April 20. Management had been buying at least 100 btc almost daily since February 14, but the sequence stopped after the halving.
bitcoin whale now owns more than 65,356 btc, according to bitcoin/address/1Ay8vMC7R1UbyCCZRVULMV7iQpHSAbguJP-nodusting” target=”_blank” rel=”noopener”>Bitinfocharts, purchased at an average price of $36,572 per coin. The bitcoin stash is worth more than $3.87 billion at the current price.
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