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 .

• Sam Bankman-Fried (SBF)’s attorneys have agreed to pay for a technical expert to help the judge understand SBF’s bail terms.
• The expert will help Judge Kaplan understand Virtual Private Networks (VPN) and encrypted messaging applications.
• SBF’s lawyers are already looking for an expert and anticipate being able to propose a candidate by the end of the week.

Sam Bankman-Fried’s Legal Team Hires Technical Expert

Agreement to Pay For Expert

Sam Bankman-Fried’s (SBF) attorneys have informed the court that they have agreed to pay for a technical expert. This is significant as it will help the judge with technical aspects of SBF’s bail terms. The letter shared by Fox reporter Eleanor Terrett on 22 February stated that Sam Bankman-Fried’s defense team will pay for the technical expert.

Assisting Judge Kaplan

The aforementioned expert will assist Judge Lewis Kaplan in better understanding Virtual Private Networks (VPN) and encrypted messaging applications, which are an important aspect of this case in determining SBF’s bail terms. Moreover, SBF’s lawyers are already researching and contacting possible experts, expecting to propose one or more potential candidates to the court by the end of the week.

Why This Is Significant

The need for an independent technical expert arose when it was discovered that Sam Bankman-Fried had used encrypted messaging applications to contact former employees of FTX, allegedly attempting to influence their testimony. Consequently, Judge Kaplan warned him about a possible revocation of his bail and subsequent incarceration until his bail terms were finalized. As such, he was restricted from using VPNs or any encrypted messaging applications until then.

Implications Of Technical Expert

The appointment of this specialist is important as it will help ensure that Sam Bankman-Fried receives a fair ruling in regards to his case against FTX. Furthermore, it could also potentially benefit other cases involving similar technology related issues as well as provide guidance on best practices when using such technologies in legal proceedings going forward.

Conclusion

In summary, Sam Bankman-Fried’s legal team has agreed to hire an independent technical expert in order to aid Judge Lewis Kaplan with understanding specific technological aspects related to SBFs case against FTX, which could be beneficial both now and in future cases involving similar technology related matters

• Fantom (FTM) underwent a bullish surge of 10.24% in the last 24 hours and is currently facing potential consolidation.
• Exchange inflow was down to 293,000 while the exchange outflow was higher at 899,000 implying more accumulation than sell off.
• Technical indicators such as Directional Movement Index (DMI), Average Directional Index (ADX), and Awesome Oscillator (AO) suggest FTM could swing around $0.5 region in the near future.

Fantom (FTM) Witnesses Bullish Surge

Fantom [FTM], the smart contract token, gained over 10% in the last 24 hours after holding support. Investors‘ motive towards selling could increase as MVRV ratio spiked up but so far FTM enjoyed more accumulation than intention to dump the token.

Technical Outlook For FTM

The technical outlook shown by Directional Movement Index (DMI) puts FTM in the midst of potential consolidation because +DMI was higher than -DMI but did not have the support of Average Directional Index (ADX). The ADX measures directional strength of an asset with value higher than 25 indicating strong directional movement and vice versa. At press time, it stood at 38.39 which suggests downtrend for FTM’s trend since its glory days of bullishness seem to be over as per Awesome Oscillator (AO).

Exchange Inflow & Outflow Analysis

As per Santiment’s data, exchange inflow was down to 293,000 while its opposite number, exchange outflow was higher at 899,000 implying more accumulation than sell off for FTM which further strengthened investors‘ portfolio as Market Value to Realized Value (MVRV) ratio revived from its lows to hit 2 marks recently.

How Many are 1,10 & 100 FTMs Worth Today?

Currently 1 FTM is worth around $0.4945 USD and 10 FTMs would amount to approximatley $4.945 USD while 100 FTMs would cost around $49.45 USD at press time according to CoinGecko’s data on Fantom price chart movements today.

Conclusion

Overall Fantom witnessed a bullish surge of 10+% in last 24 hours and is currently facing potential consolidation due to prevailing technical indicator readings along with positive exchange inflows & outflows analysis which resulted in MVRV ratio revival from its lows recently giving investors a hope that it might swing around $0.5 region soon enough if market conditions remain same or similar as current ones today!

• Litecoin [LTC] saw a bullish market structure, breaking out above $100 after bouncing from the $95 support level.
• The Federal Reserve Chair Jerome Powell said 2023 could see a decline in inflation, although it could be a process that takes „quite a bit of time.“
• The rise in Open Interest and positive funding rate showed capital entering the market and bullish intent for LTC.

Litecoin [LTC] Bullish Market Structure

Litecoin [LTC] saw a bullish market structure, bouncing from the $95 region of support over the past few days and looking set to break out above $107. On the four-hour chart, Litecoin closed an H4 session above $100 but faced some short-term resistance at $102.5. The reaction at $95 and attempts to push above $100 meant bulls had the upper hand. Above $106, $115 and $132 may pose stiff resistance to LTC bulls.

Federal Reserve on Inflation

The Federal Reserve Chair Jerome Powell said 2023 could see a decline in inflation, although it could be a process that takes „quite a bit of time.“ It remains to be seen whether the market views risk-on assets more favorably in the next couple of weeks.

Market Reaction on 7 February

The market reaction on 7 February suggested that crypto assets could see more gains in the coming days as Bitcoin [BTC] saw a small move upward from

• Core Scientific has received permission from the U.S. Bankruptcy Court for the Southern District of Texas to borrow up to $70 million from B. Riley to replace an existing credit facility that was extended in December 2022.
• The new credit facility will provide an aggregate principal amount of $35 million on an interim basis in a single borrowing and the remaining amount from the original $70 million will be available in one or more borrowings.
• The new credit line is intended to provide liquidity to Core Scientific during the chapter 11 proceedings.

Core Scientific, a crypto miner that filed for bankruptcy in December 2022, has been granted permission by the U.S. Bankruptcy Court for the Southern District of Texas to borrow up to $70 million from B. Riley. The loan will replace an existing credit facility that the bankrupt crypto miner had secured from the investment bank in December 2022.

The new credit facility will provide an aggregate principal amount of $35 million on an interim basis in a single borrowing. The remaining amount from the original $70 million will be available in one or more borrowings. Core Scientific had requested the bankruptcy court to schedule an emergency hearing to allow the replacement of the credit facility with B. Riley.

The court filing revealed that the mining firm intends to use the new credit line to settle the existing debtor-in-possession (DIP) facility with the investment bank. According to Core Scientific, the new credit facility was the result of extensive marketing and hard-fought negotiations with numerous potential lenders. Furthermore, the company’s shareholders supported the plan to replace the existing credit facility in favor of the new arrangement.

The new credit line is intended to provide liquidity to Core Scientific during the chapter 11 proceedings. The company will use the loan to pay off the original DIP facility, as well as other expenses to allow the miner to remain in operation during the bankruptcy proceedings.

Core Scientific has stated that the new credit facility is expected to provide the company with additional liquidity and flexibility, and will enable it to continue its mining operations and focus on emerging opportunities in the cryptocurrency industry. The company is currently in the process of negotiating a plan of reorganization with creditors, and the new credit facility will provide Core Scientific with the necessary resources to continue operations while the reorganization is finalized.

• Lido, a decentralized finance protocol, witnessed an increase in staked deposits on its platform.
• Layer 2 solutions such as Wrapped stETH [wstETH] increased by 2.01% over the last week on Arbitrum and by 3.03% on Optimism [OP].
• Despite the increasing TVL, the number of unique users on the Lido protocol fell by 7.31% in the past month.

The Lido protocol, a decentralized finance platform, has experienced a surge in the number of staked deposits on its platform in the last week. According to a tweet by Lido on January 24th, the number of staked deposits on the Lido network increased, except for Solana [SOL]. This suggests that more users are choosing to stake their holdings through the Lido platform, indicating that the protocol still has potential for growth.

Along with the increase in staked deposits, Layer 2 solutions such as Wrapped stETH [wstETH] have also seen an increase in usage. Over the last week, wstETH increased by 2.01% on Arbitrum and 3.03% on Optimism [OP], indicating that more users are turning to Layer 2 solutions to stake their assets and Lido is benefiting from this trend. As a result, Total Value Locked (TVL) on Lido has grown by 7.77% in the last week.

However, despite the increasing TVL, the number of unique users on the Lido protocol has fallen by 7.31% in the past month. This implies that while more users are staking their assets on Lido, fewer are actively using the protocol and engaging with its services. Despite this, the revenue generated by Lido has increased by 6.31% over the last week, according to Messari. So, Lido is still generating income and could continue to do so if user engagement increases.

• The Sandbox [SAND] token has had a 55.41% uptick in the last 30 days.
• The direction of the token is largely dependent on Bitcoin’s [BTC] trend, with a 0.97 correlation between the two.
• The Sandbox has recently confirmed new partnerships and there has been increased circulation on the blockchain-based virtual platform.

The Sandbox has been on an unprecedented winning streak lately, with its token, SAND, becoming one of the best performers since the market exited the 2022 blood bath. According to Santiment’s mid-month January report, mid to low-cap assets like The Sandbox [SAND] could carry on with their exceptional performances if the broader market continued to produce green bars.

The report further acknowledged that it was unclear whether the market would continue the bullish run. The direction of the market would largely depend on Bitcoin’s [BTC] trend. As per data by IntoTheBlock, SAND had a 0.97 correlation with BTC at press time. Hence, there was a chance that the token aligned with Bitcoin’s momentum. Meanwhile, the Market Value to Realized Value (MVRV) ratio revealed that holders of the token had massively benefited from the SAND rally. At the time of writing, the 30-day MVRV ratio was 33.83%. Notably, the metric had surged to 38.61% on 15 January. It had, however, retraced a bit before skyrocketing to the current level.

On the part of its development activity, Santiment’s image below showed that The Sandbox was down to 0.95. Prior to the dump, development activity had increased to 2.07. Thus, questions could be raised about The Sandbox’s commitment to upgrading the network. However, a recent team collaboration may have brought an element of positivity to the uncertainty surrounding SAND. In a 17 January announcement, The Sandbox revealed that it had joined forces with Zilliqa, a high-throughput public blockchain.

The collaboration between the two entities was aimed at enabling developers to create games and digital assets on a secure and reliable blockchain. The project would also facilitate interoperability between different blockchains. As part of the partnership, The Sandbox would provide its users with access to Zilliqa’s safe and secure smart contracts. The Zilliqa team would also provide technical support for sandbox players.

The Sandbox also confirmed that it had inked a partnership with Matic Network. The partnership would enable developers to access the Matic Network and create games and digital assets on the Ethereum blockchain. This would further facilitate interoperability between different blockchains. Matic Network was also expected to provide technical support for sandbox players.

The Sandbox has certainly been making the right moves to build on its impressive success. With new partnerships and increased circulation on-chain, the blockchain-based virtual platform could be on the verge of another strong performance if the broader market avoided correction.