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Crypto market could crash in Q2 2022, says Arthur Hayes

 


The cryptocurrency market has underperformed over the past few months, and an even more bearish trend could soon be expected.


Arthur Hayes, the former CEO of cryptocurrency exchange BitMEX, believes that the cryptocurrency market will see another decline in the second quarter of 2022.


He made that statement in a blog post on Monday . According to Hayes, the ailing condition of the global stock markets could lead to a crypto crash.


“The inconvenient truth plaguing crypto at this point is that crypto is moving in lockstep with the debt-based, unfree markets for risky assets like global developed market equities. This is despite all the hard work of Lord Satoshi's loyal supplicants struggling to create a counter-narrative based on technological truth.”


Hayes claims crypto is moving in tandem with US tech stocks, adding that Russia's invasion of Ukraine will negatively impact them. While he remains bullish on cryptocurrency prices over the long term, he is not bullish on near-term performance.


If the NASDAQ 100 falls, the cryptocurrency market will fall with it, according to the former investment banker. He presented various charts showing the correlation between traditional markets and crypto to support this proposition.


Hayes believes the NASDAQ 100 will fall as the Russian invasion of Ukraine drags on. 


" Global growth will slow due to higher commodity prices, driven by the continuation and possible escalation of the war between Russia and Ukraine, which will hurt stock prices ."


The cryptocurrency market has underperformed in recent months. Since hitting an all-time high of $69,044 in November 2021, Bitcoin has lost more than 40% of its value.


The total cryptocurrency market cap hit an all-time high of $3 trillion in November but is now around $1.8 trillion. Bitcoin and the broader crypto market have underperformed over the past few months, and the trend could continue for a while.

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