BitMEX Founder Predicts May Market Trends
In a recent article titled “Mayday,” Arthur Hayes, the founder and former CEO of popular exchange BitMEX, shared his cryptocurrency investment strategy for the month of May, which has drawn attention in the cryptocurrency market.
In the article, Hayes provided analysis and predictions regarding quantitative easing, the US tax season, and the actions the Federal Reserve may take.
He pointed out that the US government, through the FDIC, provides insurance of up to $250,000 for deposits in all US banks. However, the FDIC’s insurance fund falls short of $6.7 trillion. Once the funds are exhausted, the FDIC will borrow money from the Federal Reserve, which will then print money to repay the loan.
“I am not sure if the market will quickly realize that the recent monetary policy in the US is inflationary in nature, but I predict that cryptocurrency prices will soon bottom out and slowly start to rise,” Hayes stated.
In addition to the impact of the macro environment on the market, Hayes also shared his optimistic views on decentralized exchanges such as dYdX and GMX, which are primarily focused on derivatives. The full article can be accessed through the link provided.
Read the full “Mayday” article
Arthur Hayes revealed he is buying “this type of coin”
Interestingly, at the end of the article, Hayes revealed that in addition to his existing holdings of Solana and Dogecoin ($DOGE), he has added a position in a altcoin called Pendle ($PENDLE), which is an ERC-20 token related to decentralized finance (DeFi) protocols.
According to on-chain data monitoring tools, Arthur Hayes has purchased an additional $500,000 worth of $PENDLE, currently holding 1.555 million $PENDLE tokens, valued at nearly $8.08 million. With an average cost of around $2.02, based on the current price of $5.07, his current unrealized profits are estimated to be around $4.89 million.
However, it is worth noting that Arthur Hayes is also an advisor for Pendle and has disclosed that he has received $PENDLE tokens as compensation for his advisory services.
At the time of writing, the price of $PENDLE is $5.07, with a daily increase of 1.3% and a weekly increase of 6.1%.
[Disclaimer] The market carries risks, and investments should be made with caution. This article does not constitute investment advice, and users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their specific circumstances. Investing based on this article is at one’s own risk.
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