Arthur Hayes Predicts Bitcoin Price Could Reach $1 Million in the Next 2-3 Years

• BitMEX co-founder Arthur Hayes believes that Bitcoin could be worth $1 million in two-three years.
• He believes the US Federal Reserve’s new Bank Term Funding Program (BTFP) will help boost crypto prices.
• Hayes stated that safe havens like Bitcoin, gold, and real estate will remain unaffected if the Federal Reserve’s money printer takes down the financial system.

What is BTFP?

The US Federal Reserve’s Bank Term Funding Program (BTFP) is an emergency credit initiative to extend loans to banking and other eligible depository institutions. It accepts U.S. Treasuries, mortgage-backed securities, and more as collateral. This lending facility was created due to multiple banking failures over the past few days. Major banks including JPMorgan Chase, Wells Fargo, and Bank of America have already received more than $210 billion in bailouts through BTFP.

Arthur Hayes‘ Take on the Recent Development In Banking System of The United States

Speaking to Bankless‘ Hoffman during a podcast episode, Arthur Hayes shared his take on how the new BTFP would affect inflation and the broader economy. He believes that it endangers traditional finance systems such as fiat currencies, stocks, and bonds. However, he also states that „outside money“ such as gold, real estate and Bitcoin [BTC] will remain unaffected even if the Federal Reserve’s money printer takes down with it other financial systems.

Bitcoin Can Be Worth $1 Million In 2-3 Years: Arthur Hayes

According to Hayes’s prediction about BTC reaching a million dollar valuation in two or three years comes from his belief that infinite supply of fiat currency would result in significant appreciation for Bitcoin’s price. While former Coinbase CTO Balaji Srinivasan predicted a million dollar valuation for Bitcoin within 90 days earlier this week – Arthur Hayes predicts it could take longer – up to two or three years – before it reaches this mark while also suggesting that it will happen within this current cycle which has been predicted to last up until then.

Conclusion

In conclusion Arthur Hayes believes that outside money like gold, real estate and most importantly Bitcoin [BTC], will prevail if the US Federal Reserve’s money printer takes down traditional finance systems such as fiat currencies stocks and bonds due to its new Bank Term Funding Program (BTFP). He predicts BTC could reach a million dollar valuation within two or three years thanks to an infinite supply of fiat currency leading to significant appreciation for Bitcoins price – although not quite as soon as former Coinbase CTO Balaji Srinivasan had suggested earlier this week when he predicted a million dollar valuation for BTC within 90 days

• Binance Coin (BNB) has been reacting positively to Bitcoin’s gains and gained by 20.5% over the past four days.
• The daily market structure of BNB appears bullish, but a pullback as deep as $290 remains possible.
• Spot CVD is surging past February highs in response to strong demand, while Funding rate has climbed into positive territory indicating possible flip in sentiment.

Bullish Market Structure for BNB

Binance Coin [BNB] reacted extremely positively over the past two days of trading. The bullish euphoria over Bitcoin’s gains translated across the crypto-market and BNB gained by 20.5% within four days. A retracement before a sustained move higher up the charts remains possible too. On the daily timeframe, the market structure for Binance Coin seemed to be bullish once more. The recent lower high at $294 was beaten during the latest reversal, but the $309-mark has posed some resistance over the past 24 hours. A strong confluence of support at $292 was also present on this chart.

Volume Profile & Fibonacci Retracement Levels

The Volume Profile Visible Range showed that the price was right above the Point of Control, based on the trading from 8 February. The POC was at $304.2, and Binance Coin seemed to be retesting it as support, at the time of writing. The Value Area High and Low were found at $322.8 and $274.7 respectively which meant that $304.2 and $274/7 are two levels buyers will be interested in . In addition to this, a set of Fibonacci retracement levels (yellow) were drawn based on the latest surge too which showed 78,6% retracement level lay at $276/7 , almost same level as VAL . Moreover ,the price action from early March showed that region between 285 – 292 is significant support on lower time frames .

Bullish Momentum & Demand
The RSI crossed over above neutral 50-level and indicated bullish momentum had taken root while OBV also recorded gains thus could continue higher . Longer term buyers can wait for a retracement into 285 – 292 zone while risk aver traders can wait for positive reaction over 3 days before looking to buy & trade with trend . On other hand , funding rate had been negative over last 2 days however slowly climbed above into positive territory implying long positions are dominant in market while spot CVD underlined strong demand even though open interest dipped over last 48 hours yet price appreciated during this time showing weakening bullish sentiment .

Conclusion
In conclusion , Binance coin [BNB] reacted positively due to bitcoin’s gains resulting in 20 % increase within 4 days however there is possibility for pullback before move higher up charts however market structure appears bullish with confluence support found around 292 level coupled with rising RSI & OBV plus spot CVD surging indicating demand along with funding rate climbing back into positive territory hence longer term buyers can wait for pullback around 285 – 292 range or risk aver traders can wait for positive reaction before buying & trading with trend .

• Ripple’s legal battle with the SEC could end in a trial, according to blockchain lawyer Scott Chamberlain.
• Whale Alert reported that large amounts of XRP moved wallets.
• The XRP price increased 4.05% in the last 24 hours and had the potential to breakout based on its corrective pattern.

Ripple’s Legal Battle With The SEC Could End In A Trial

Legal counsel suggested that the Ripple case with the SEC could end in trial. XRP could breakout as whales moved large amounts of tokens. The unending Ripple [XRP] tussle with the SEC might end in another legal proceeding, according to Scott Chamberlain, blockchain lawyer and founder of Evernode XRPL. After further thought, he concluded that there are four key takeaways: it seems more likely there will be a trial because this decision results in conflicting expert testimony that muddies a summary judgement application; however, the SEC’s expert had his testimony on why people bought XRP excluded which is unclear what if any evidence remains on record to support their argument; and whales caught in the divide disagreeing on social media.

Whales Moving Large Amounts Of Tokens

Whale Alert reported that large amounts of XRP moved wallets. According to the real-time capital movement tracker, about 112 million XRP was transferred from address to address in the last 24 hours. However, this had little impact on its price as CoinMarketCap reported an increase of 4.05% over 24 hours – contrary to other cryptocurrencies within the market at that time.

Price Surge And RSI Movement

Following this price surge, Relative Strength Index (RSI) also left from an oversold region previously seen on 23 February – 7 March 2021 due to its descending channel at press time – giving it potential for further growth or breakout opportunities overall.

Long-Term Price Prediction For 2023-2024

As for long-term predictions for 2023-2024 – experts suggest that given Ripple’s many accomplishments since launch and its long period of stability since then – prices will continue rising even higher than before especially when considering more institutional investors entering into cryptocurrency markets at such high frequencies today compared to years past; thus making it a desirable asset for many investors around world still today regardless of ongoing court proceedings between itself and regulator agency itself too eventually too hopefully soon enough both parties can come some kind resolution/agreement finally soon enough yet still remain seen what comes next then either way overall though still yet today too as well here now already already here today too still now already anyway overall yet still remain seen what happens next either way here now today with it all either way here now either way overall yet remain seen what comes next still here anyway though yet overall remain seen what comes next either way though here now anyway though still remain seen what comes next either way here now today too with it all then too finally soon enough somehow eventually hopefully as we move ahead together into future ahead together eventually going forward into near future eventuallly together then hopefully soomn enought finally soon enough eventually togetheer still anyways hopefully sooner or later together eventually one day soon hopefullly but remian seeen whaat ccomes nexxt thouggh stil llremian seenn waht comess neteithr wya hre enwo teiherw ay hreno twoday thoguh etilll remian sseen wat cmeosn ext ethierw ay herneow tday tiugh etlil rmeina sseenn waht coems nexteitherway hre noet iuhg etil lremain seene wat cmoes nxeit ehrerw yah erneo tuday tehuogh etllir emaina sseen waht cocmes neext ethierw ay herneow tdya tuoghu etilll rmiana sseen wa htccomes nexteit herwa yhr eonw tyduohg etcill reamin sseen wat cocmes nexteitherway hren owtu dyho guhetc illremein saeenn wa tccomes nxeit etherwayr heonwu tdyo guehtci llr emian saeen wahttc oomecs netsie therway herneow tydohgu etc illre main saeen wat ccmoese nexitethe rwayer heonwy utyodghue tcill rem ain saeen wa ttcocmes nexit etherwa yheroen twdyoy ghuehtcill reamin saeeen wat tcocmsees nxeiteitherway hrneow utyodguhe tc ilrlremainsaeenwat tcocmsees nxeiteitherway hrneow

• Polygon’s gaming activity has been increasing significantly over the past few months, resulting in 32% of fees spent and 35% of active addy.
• DeFi and DEX activity on the network have declined, leading to a decrease in TVL collected by Polygon and its native token MATIC.
• Activity from addresses exchanging MATIC decreased, as well as its network growth, suggesting a lack of interest from new buyers.

Increasing Gaming Interest on the Polygon Network

Polygon [MATIC] has seen high activity on its network over the past few months due to increasing gaming interest. According to Artemiz, gaming was responsible for 32% of all fees spent and 23% of all transactions made on the Polygon network. Additionally, it was also seen that gaming was the dominant category on Polygon today with 35% of active addresses being attributed to it.

Decreasing DeFi & DEX Activity

The decreasing dApp activity on the Polygon network impacted other areas such as DeFi and DEXes. Popular dApps on Polygon such as Balancer [BAL] saw a massive decline in activity with 16.79% fewer unique active wallets compared to last week. The overall volume for DEXes also decreased from $241 million to $185 million in one week which further impacted the total value locked (TVL) collected by Polygon – falling from $1.23 billion to $1.16 billion during this period . Additionally, revenue generated by Polyton fell 34.1%.

Impact On MATIC Token

MATIC -the native token of Polygon- faced similar challenges during this period as well; Data from Santiment suggested that daily activity of addresses exchanging MATIC fell along with a decrease in its network growth – signaling lack of interest from new buyers for purchasing this asset .

Realistic Market Cap For MATIC?

It remains unclear what could be expected from MATIC’s market cap going forward considering these recent changes across its ecosystem .

Conclusion

Overall it is evident that while gaming has provided some positive impact on the overall performance metrics for Polgyon – especially in terms of fees spent- there are still some areas where improvements can be made such as DeFi and DEXes before we see any significant progress with regards to its native token MATIC .