Arthur Hayes’ Crystal Ball Predicts: Bitcoin And Ethereum To See Carnage In June

Former BitMEX CEO Arthur Hayes posted another prediction for Bitcoin and Ethereum. At the same time, the top cryptocurrencies by market cap continue moving in a tight range with today’s U.S. Consumer Price Index (CPI) increasing volatility across the board. Related Reading | TA: Bitcoin Resumes Decline, Why BTC Could Revisit $40K At the time of writing, Bitcoin trades at $40,500 with a 1% loss in the last 24-hours and a 13% loss in the last week. Ethereum trades at $3,000 with similar performance over this period. As NewsBTC has been reporting, Hayes believes the current financial system supported by the “Petrodollar” has ended. This opened the door for a new system where independent currencies, such as Bitcoin and Ethereum, will see more demand. Ethereum stands to benefit the most in the short term as it will transition to a Proof-of-Stake (PoS) consensus algorithm. Thus, it’ll see a 99% decline in its energy consumption with a staking system that will yield rewards to network validators. Institutions will take shelter from inflation using this system, Hayes argued. However, the top cryptocurrencies will undergo an increase in selling pressure in the short to medium term as the U.S. Federal Reserve attempts to tame inflation. This will lead to a bloody financial market coming May when the FED will begin its tightening program. At the time, the former BitMEX executive claims Bitcoin and Ethereum show high levels of correl...