Bitcoin Might Not Benefit From Federal Reserve Rate Cuts, Former BitMEX CEO Explains Why
Co-founder and former CEO of BitMEX cryptocurrency exchange, Arthur Hayes, recently took to X to explain why he feels the highly-anticipated interest rate cuts by the US Federal Reserve might not have the expected impact on Bitcoin’s price.
Interest Rate Cuts Not The Silver Bullet For Higher BTC Price
Hayes stated on X that despite the Federal Reserve Chair Jerome Powell virtually confirming the incoming interest rate cuts from September 2024 onwards, Bitcoin price might not behave the way many in the crypto market expect it to.
Since Powell’s Jackson Hole speech on August 23, 2024, Hayes notes that Bitcoin price has been on a steady downward trajectory, tumbling from approximately $64,000 to $58,881 by Sep 3, 2024.
According to the former BitMEX CEO, the incoming interest rate cut...