{"id":62336,"date":"2022-06-02T10:31:49","date_gmt":"2022-06-02T07:31:49","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=62336"},"modified":"2025-09-05T17:18:39","modified_gmt":"2025-09-05T14:18:39","slug":"arthur-hayes-bitcoin-and-ethereum-have-already-hit-local-bottom","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/arthur-hayes-bitcoin-and-ethereum-have-already-hit-local-bottom\/","title":{"rendered":"Arthur Hayes: Bitcoin and Ethereum have already hit local bottom"},"content":{"rendered":"<p>Bitcoin and Ethereum have already bottomed in the current cycle, but a market reversal should be expected once the <span data-descr=\"The U.S. Federal Reserve\" class=\"old_tooltip\">the Fed<\/span> stops raising rates. This was stated by Arthur Hayes, co-founder of the cryptocurrency derivatives exchange BitMEX.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">What do big macs, the fed, and <a href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&#038;ref_src=twsrc%5Etfw\">#crypto<\/a> have in common?<a href=\"https:\/\/t.co\/C0msDGFsDB\">https:\/\/t.co\/C0msDGFsDB<\/a> <a href=\"https:\/\/t.co\/E8hnPyOtLH\">pic.twitter.com\/E8hnPyOtLH<\/a><\/p>\n<p>\u2014 Arthur Hayes (@CryptoHayes) <a href=\"https:\/\/twitter.com\/CryptoHayes\/status\/1532136667431452672?ref_src=twsrc%5Etfw\">June 1, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Hayes noted that inflation is having a devastating impact not only on crypto companies but also on players in the tech sector \u2014 it drives venture investors to shrink their balance sheets.<\/p>\n<p>The ex-CEO of BitMEX drew attention to the fact that, against the backdrop of the crypto market plunge, the correlation between digital assets and the Nasdaq-100 index has broken down. He also noted that for Bitcoin and Ethereum, each drawdown in the new cycle remains higher than the previous cycle&#8217;s peak.<\/p>\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"902\" height=\"310\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-673.png\" alt=\"\u0410\u0440\u0442\u0443\u0440 \u0425\u044d\u0439\u0435\u0441: \u043a\u043e\u0442\u0438\u0440\u043e\u0432\u043a\u0438 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430 \u0438 Ethereum \u0443\u0436\u0435 \u043f\u0440\u043e\u0448\u043b\u0438 \u043b\u043e\u043a\u0430\u043b\u044c\u043d\u043e\u0435 \u0434\u043d\u043e\" class=\"wp-image-174758\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-673.png 902w, https:\/\/u1f987.com\/wp-content\/uploads\/1-673-300x103.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/1-673-768x264.png 768w\" sizes=\"auto, (max-width: 902px) 100vw, 902px\" \/><figcaption>Bitcoin market cycles. Data: <a href=\"https:\/\/blog.bitmex.com\/shut-it-down\/\">BitMEX<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-550.png\" alt=\"\u0410\u0440\u0442\u0443\u0440 \u0425\u044d\u0439\u0435\u0441: \u043a\u043e\u0442\u0438\u0440\u043e\u0432\u043a\u0438 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430 \u0438 Ethereum \u0443\u0436\u0435 \u043f\u0440\u043e\u0448\u043b\u0438 \u043b\u043e\u043a\u0430\u043b\u044c\u043d\u043e\u0435 \u0434\u043d\u043e\" class=\"wp-image-174759\" width=\"840\" height=\"178\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-550.png 902w, https:\/\/u1f987.com\/wp-content\/uploads\/2-550-300x64.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/2-550-768x163.png 768w\" sizes=\"auto, (max-width: 840px) 100vw, 840px\" \/><figcaption>Ethereum market cycles. Data: <a href=\"https:\/\/blog.bitmex.com\/shut-it-down\/\">BitMEX<\/a>.<\/figcaption><\/figure>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThere may be an exchange trading at a higher or lower intraday level than the one we observe. The point is to be broadly precise and roughly determine the range that can be considered a local bottom. For Bitcoin, that range is $25,000\u2013$27,000. For Ethereum \u2014 from $1,700 to $1,800,\u201d Hayes wrote.<\/p>\n<\/blockquote>\n<p>In mid-May, Bitcoin <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-price-slips-below-27000-ethereum-tests-1800\">slipped below the $27,000 level<\/a>, Ethereum tested $1,800. In the same month, Bitcoin posted a <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-records-nine-week-streak-of-declines\">record nine-week decline<\/a>.<\/p>\n<p>At the time of writing, Bitcoin was trading near $29,940, Ethereum around $1,820.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" decoding=\"\" width=\"1024\" height=\"457\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/BTCUSDT_2022-06-02_10-22-41-1024x457.png\" alt=\"\u0410\u0440\u0442\u0443\u0440 \u0425\u044d\u0439\u0435\u0441: \u043a\u043e\u0442\u0438\u0440\u043e\u0432\u043a\u0438 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430 \u0438 Ethereum \u0443\u0436\u0435 \u043f\u0440\u043e\u0448\u043b\u0438 \u043b\u043e\u043a\u0430\u043b\u044c\u043d\u043e\u0435 \u0434\u043d\u043e\" class=\"wp-image-174755\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/BTCUSDT_2022-06-02_10-22-41-1024w.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/BTCUSDT_2022-06-02_10-22-41-300x134.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/BTCUSDT_2022-06-02_10-22-41-768x343.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/BTCUSDT_2022-06-02_10-22-41-1536x685.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/BTCUSDT_2022-06-02_10-22-41.png 1834w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Hourly chart of BTC\/USDT on Binance. Data: TradingView.<br \/><\/figcaption><\/figure>\n<p>Analysts at JPMorgan put Bitcoin\u2019s fair value at around <a href=\"https:\/\/u1f987.com\/en\/news\/jpmorgan-analysts-put-bitcoins-fair-price-at-38000\">$38,000<\/a>.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news in our <a href=\"\/\/telegram.me\/forklog\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin and Ethereum prices have already bottomed in the current cycle, but a market reversal should be expected once the Fed stops raising rates. This was stated by Arthur Hayes, co-founder of the cryptocurrency derivatives exchange BitMEX.<\/p>\n","protected":false},"author":1,"featured_media":62337,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,1138],"class_list":["post-62336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"12","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/62336","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=62336"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/62336\/revisions"}],"predecessor-version":[{"id":62338,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/62336\/revisions\/62338"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/62337"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=62336"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=62336"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=62336"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}