Arthur Hayes, co-founder of BitMEX, insists that Bitcoin (BTC) will have a strong week because of potential market shifts, which might benefit altcoins like Sui (SUI). On the other hand, a decentralized FX trading DeFi platform with advanced features and investor rewards has become an attractive option for investors due to its massive growth potential.
Here, we discuss how Bitcoin’s surge will support altcoins and how this new DeFi platform could take the lead in the next crypto bull run!
Arthur Hayes Predicts a Bullish Week for Bitcoin
The co-founder and former CEO of BitMEX, Arthur Hayes, believes Bitcoin might be in for a great week. On September 8, 2024, he closed out a BTC short position, recording a 3% profit, enough to cover food and bar tabs for Korea Blockchain Week (KBW). He said that if certain market conditions continue deteriorating, Bitcoin might see a surge in value.
Hayes has been vocal about his dissatisfaction with the Federal Reserve’s policies. He believes they have not done enough to curb government spending, the real driver of inflation.
At this point, he expects Treasury Secretary Janet Yellen to step in and inject some liquidity into the market, just as she did in 2023 when the bond yields surged. If this scenario persists, it will affect the stock market, threaten the health of smaller banks, and push mortgage rates higher. This combination will enable Bitcoin to benefit from the resulting chaos.
More liquidity in the system is a great thing for risk assets like BTC. If Yellen does not act fast, the situation might spiral into a massive crisis that could shake the US economy. On the other hand, if Yellen reacts quickly, Bitcoin will begin to chop sideways, while altcoins might drop further.
Bitcoin seems ready for a bullish week, currently valued at $55,191.16, down 5.30% in the past week. The price is consolidating with data and market sentiment, leaning toward a food week for BTC.
Sui Blockchain Achieves Sub-Second Latency
The Sui blockchain reached a remarkable milestone one month after it launched its Mysticeti update on the Mainnet. Notably, Sui has now recorded sub-second latency across many regions globally. This development further strengthens its reputation as the fastest consensus mechanism in the blockchain sector.
SUI has performed well in recent weeks, making it one of…