{"id":606341,"date":"2024-05-03T07:20:35","date_gmt":"2024-05-03T07:20:35","guid":{"rendered":"https:\/\/wncen.com\/?p=606341"},"modified":"2024-05-03T07:14:53","modified_gmt":"2024-05-03T07:14:53","slug":"buy-crypto-may-go-away-arthur-hayes-top-altcoin-picks","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/buy-crypto-may-go-away-arthur-hayes-top-altcoin-picks\/","title":{"rendered":"Buy Crypto In May, Go Away: Arthur Hayes Shares His Top Altcoin Picks"},"content":{"rendered":"

In his most recent publication dated May 2, 2024, Arthur Hayes, the founder of exchange BitMEX, shared his insights into the crypto market’s recent tumultuous behavior and the broader macroeconomic signals shaping potential future trends. Titled “Mayday<\/a>,” his essay directly addresses the crypto market, which has experienced significant volatility since mid-April.<\/p>\n

Stealth Money Printing Is Commencing<\/h2>\n

Hayes begins by noting the observable distress in the crypto markets, which he attributes to a confluence of factors including the end of the US tax season, anticipatory fears about Federal Reserve policy decisions, the Bitcoin halving<\/a> event, and stagnating growth<\/a> in the assets under management (AUM) for US Bitcoin exchange-traded funds (ETFs).<\/p>\n

He interprets these factors as a necessary purge of speculative excess, stating, “The tourists will sit out the next phase on the beach\u2026 if they can afford it. Us hard motherfuckers will hodl, and if possible, accumulate more of our favorite crypto reserve assets such as Bitcoin and Ether, and\/or high-beta shitcoins like Solana, Dog Wif Hat<\/a>, and dare I say Dogecoin (the OG doggie coin).\u201d<\/p>\n

Related Reading: Crypto Prediction Website Reveals When The Cardano Price Will Reach $45<\/a><\/div>\n

A significant portion of Hayes’ analysis focuses on the Federal Reserve’s recent adjustment to its quantitative tightening (QT) program. Previously set at a reduction of $95 billion per month, the Fed has dialed this back to $60 billion.<\/p>\n

Hayes interprets this as a covert form of quantitative easing, injecting an additional $35 billion per month into the dollar liquidity pool. He explains, “When you combine the Interest on Reserve Balances, RRP payments, and interest payments on US Treasury debt, the reduction in QT increases the amount of stimulus provided to the global asset markets each month.”<\/p>\n

Hayes also scrutinizes actions by the US Treasury, particularly under Secretary Janet Yellen. He discusses the Treasury’s Quarterly Refunding Announcement (QRA)<\/a>, which outlines the expected borrowing and cash balances for upcoming quarters. For Q2 2024, the Treasury anticipates borrowing $243 billion, a figure Hayes points out is $41 billion higher than the previous forecast, due to lower-than-expected tax receipts.<\/p>\n

He predicts this increased supply of Treasuries could lead to higher long-end rates, a situation Yellen may counter with yield curve control measures\u2014a scenario that could catalyze a significant rally in Bitcoin and crypto prices.<\/p>\n

Related Reading: Ethereum \u201cHas Been A Major Disappointment\u201d: Trader Weighs In On This Crypto Cycle<\/a><\/div>\n

Hayes touches on the failure of Republic First Bank<\/a>, emphasizing the response by monetary authorities as a key indicator of systemic fragility. He criticizes the federal safety net that ensures all depositors are made whole, arguing that it masks deeper vulnerabilities within the US banking system and leads to a stealth form of money printing, as uninsured deposits are effectively guaranteed by the government. This, Hayes argues, is a fundamental misalignment that could lead to significant inflationary pressures.<\/p>\n

Buy Crypto In May, Go Away<\/h2>\n

Hayes is candid about his investment strategies in the current environment. He advocates buying now. \u201cI\u2019m buying Solana and doggie coins for momentum trading positions. For longer-term shitcoin positions, I\u2019m upping my allocations in Pendle and will identify other tokens that are \u2018on sale.\u2019 I will use the rest of May to increase my exposure. And then it\u2019s time to set it, forget it, and wait for the market to appreciate the inflationary nature of the recent US monetary policy announcements.\u201d<\/p>\n

He concludes with a broad prediction that, despite the market’s recent volatility, the underlying liquidity conditions created by US monetary and fiscal policies will provide a floor for crypto prices, leading to a gradual upward trend. “While I don\u2019t expect crypto to fully realize the recent US monetary announcements’ inflationary nature immediately, I expect prices to bottom, chop, and begin a slow grind higher,” he states, signaling his bullish outlook.<\/p>\n

For Bitcoin, Hayes predicts that the premier cryptocurrency will recapture the key $60,000 level and then move in a range between $60,000 and $70,000 until August because of the annual summer lull.<\/p>\n

At press time, BTC traded at $59,393.<\/p>\n

\"Bitcoin
BTC price, 1-day chart | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from Onooki, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

In his most recent publication dated May 2, 2024, Arthur Hayes, the founder of exchange BitMEX, shared his insights into the crypto market’s recent tumultuous behavior and the broader macroeconomic signals shaping potential future trends. Titled “Mayday,” his essay directly addresses the crypto market, which has experienced significant volatility since mid-April. Stealth Money Printing Is Commencing Hayes begins by noting the observable distress in the crypto markets, which he attributes to a confluence of factors including the end of the US tax season, anticipatory fears about Federal Reserve policy decisions, the Bitcoin halving event, and stagnating growth in the assets under management (AUM) for US Bitcoin exchange-traded funds (ETFs). He interprets these factors as a necessary purge of speculative excess, stating, “The tourists will sit out the next phase on the beach\u2026 if they can afford it. Us hard motherfuckers will hodl, and if possible, accumulate more of our favorite crypto reserve assets such as Bitcoin and Ether, and\/or high-beta shitcoins like Solana, Dog Wif Hat, and dare I say Dogecoin (the OG doggie coin).\u201d Related Reading: Crypto Prediction Website Reveals When The Cardano Price Will Reach $45 A significant portion of Hayes’ analysis focuses on the Federal Reserve’s recent adjustment to its quantitative tightening (QT) program. Previously set at a reduction of $95 billion per month, the Fed has dialed this back to $60 billion. Hayes interprets this as a covert form of quantitative easing, injecting an additional $35 billion per month into the dollar liquidity pool. He explains, “When you combine the Interest on Reserve Balances, RRP payments, and interest payments on US Treasury debt, the reduction in QT increases the amount of stimulus provided to the global asset markets each month.” Hayes also scrutinizes actions by the US Treasury, particularly under Secretary Janet Yellen. He discusses the Treasury’s Quarterly Refunding Announcement (QRA), which outlines the expected borrowing and cash balances for upcoming quarters. For Q2 2024, the Treasury anticipates borrowing $243 billion, a figure Hayes points out is $41 billion higher than the previous forecast, due to lower-than-expected tax receipts. He predicts this increased supply of Treasuries could lead to higher long-end rates, a situation Yellen may counter with yield curve control measures\u2014a scenario that could catalyze a significant rally in Bitcoin and crypto prices. Related Reading: Ethereum \u201cHas Been A Major Disappointment\u201d: Trader Weighs In On This Crypto Cycle Hayes touches on the failure of Republic First Bank, emphasizing the response by monetary authorities as a key indicator of systemic fragility. He criticizes the federal safety net that ensures all depositors are made whole, arguing that it masks deeper vulnerabilities within the US banking system and leads to a stealth form of money printing, as uninsured deposits are effectively guaranteed by the government. This, Hayes argues, is a fundamental misalignment that could lead to significant inflationary pressures. Buy Crypto In May, Go Away Hayes is candid about his investment strategies in the current environment. He advocates buying now. \u201cI\u2019m buying Solana and doggie coins for momentum trading positions. For longer-term shitcoin positions, I\u2019m upping my allocations in Pendle and will identify other tokens that are \u2018on sale.\u2019 I will use the rest of May to increase my exposure. And then it\u2019s time to set it, forget it, and wait for the market to appreciate the inflationary nature of the recent US monetary policy announcements.\u201d He concludes with a broad prediction that, despite the market’s recent volatility, the underlying liquidity conditions created by US monetary and fiscal policies will provide a floor for crypto prices, leading to a gradual upward trend. “While I don\u2019t expect crypto to fully realize the recent US monetary announcements’ inflationary nature immediately, I expect prices to bottom, chop, and begin a slow grind higher,” he states, signaling his bullish outlook. For Bitcoin, Hayes predicts that the premier cryptocurrency will recapture the key $60,000 level and then move in a range between $60,000 and $70,000 until August because of the annual summer lull. At press time, BTC traded at $59,393. Featured image from Onooki, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":606342,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,230,92202,428,679,6664,14690,1557,13609],"class_list":["post-606341","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-arthur-hayes","tag-best-altcoins","tag-bitcoin","tag-bitcoin-price","tag-crypto","tag-crypto-news","tag-cryptocurrencies","tag-top-altcoins"],"acf":[],"yoast_head":"\nBuy Crypto In May, Go Away: Arthur Hayes Shares His Top Altcoins<\/title>\n<meta name=\"description\" content=\"Arthur Hayes shares his insights into the crypto market's recent tumultuous behavior and what altcoins to buy now.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. 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