JAKARTA The positive results of the United States government regarding the problem of the crypto market ceiling have triggered the recovery of the crypto market. Bitcoin (BTC) rose 5.2 percent in the past week. Meanwhile, within 24 hours, BTC's performance increased 2.7 percent according to Coingecko data.
The recovery of BTC has had a positive impact on other cryptocurrencies. Commenting on this positive thing, Arthur Hayes, former founder of BitMEX revealed the right time to sell BTC.
He also touched on the issue of US regional banks that still have the potential to collapse compared to major banks holding securities and securities supported by mortgages.
On the other hand, the issue of unclear US crypto regulations under the Joe Biden administration has suppressed the crypto industry. Industry players consider that US regulators do not have clear guidelines to adhere to. This has the potential to make crypto companies in the US leave the country and choose other countries that are more crypto-friendly.
Nevertheless, Hayes believes that the crypto market will benefit from crypto exchanges moving from one country to another. According to him, this can actually help the wider community to recognize Bitcoin.
"As long as more people get to know the crypto ecosystem, this is a win for the industry," Hayes said.
Furthermore, Arthur Hayes predicts the fate of Bitcoin in the future. He assessed that the price of Bitcoin has the potential to break its all-time high (ATH) in 2024 at the 70,000 dollar level.
The year 2024 is claimed to be a good year for the crypto market. Even so, that doesn't mean the crypto market will continue to rise in the next few years. Hayes assesses the potential decline after 2025 and 2026 as a result of geopolitical tensions.
"Next year (2024) is when I think we're going to cross that limit (USD 70,000) and we're going to peak in 2025 or 2026. And then it's Armageddon," Hayes said on the What Did Bitcoin podcast. In the podcast, Hayes admits he invested in a popular meme coin last month, PEPE.