It has been revealed the fact that BitMEX crypto exchange founder Arthur Hayes said that there is one catalyst that could trigger a new bull cycle for the crypto space. Check out the latest reports about this below.
BitMEX’s Arthur Hayes addresses bullish moves in the crypto market
In a recent blog post, Hayes suggests that China may open up opportunities for its citizens to invest in cryptocurrency, especially during a time when digital assets are facing a hostile environment in the United States.
The BitMEX co-founder believes that Chinese investors’ involvement could potentially ignite a surge in the crypto market.
“The return of the Chinese crypto trader through the financial pipes of Hong Kong will reignite the market at the same time the broke-ass American mass affluent are effectively shut out.”
According to Hayes, the decline of the second-largest global economy will lead to a loosening of monetary policies, and funds may consequently shift towards the cryptocurrency market.
“The less the Chinese economy grows, the more credit will be issued. Then the currency will weaken, capital will be allowed to ‘flee’ into appropriate vehicles, and finally, the crypto capital markets will be provided with the spark to hopefully start the autumn rally.”
Bitcoin dominance hits highest level in 2 years
According to the latest reports, it seems that Bitcoin dominance has reached a level that has not been seen in almost two years.
It is important t note that this is suggesting that traders and investors are flocking to the relative safety of the world’s first and largest cryptocurrency over other smaller tokens.
“Bitcoin dominance, or a percentage of the total cryptocurrency market capitalization that Bitcoin represents, has reached 45.84%, according to The Block’s Data Dashboard. The last time such a level was seen was in July 2021, when it peaked at 46.77%” The Block notes.
