#MarketDownturn
Today (September 18), Arthur Hayes (CEO Maelstrom & founder of BitMEX) made a bold statement that risky assets (including Crypto) could collapse a few days after the FED's first interest rate cut.
Specifically, global financial investors are paying attention to the US Federal Reserve's (FED) interest rate decision on September 18, when it is likely to be the FED's first interest rate cut since the end of 2020.
Previously on August 5, the market witnessed a shocking drop in BTC (Bitcoin) to $49,000 after the Bank of Japan raised short-term interest rates from 0 to 0.25%.
Hayes made a bold prediction that the FED will gradually bring interest rates from the current range (5.25% - 5.5%) to near zero in the future.
At the Token 2049 conference, Hayes also revealed that he is holding ETH (Ethereum), PENDLE (Pendle Finance) and ENA (Ethena Labs) tokens.
According to the CME FED Watch tool, the probability of the FED cutting interest rates by 0.5% on September 18 is currently at 65%, while only 35% think the FED will cut interest rates by 0.25%.
It should be noted that if the FED cuts interest rates too quickly, it could cause inflation to explode again. In the past, the FED has only started a rate cut cycle with a cut of more than 0.25% twice: 2001 (during the Dotcom bubble) and 2007 (during the financial crisis).
As of the time of writing, the price of BTC (Bitcoin) is currently trading around $59,900 - up about 1% in the past 24 hours.
On the top gainers of Binance, there are 3 newly listed Memecoins recently, including NEIRO (up 124%), 1MBABYDOGE (up 21%), TURBO (up 15%).
