Markets News Report
February 22, 2024

BitMEX Co-founder Arthur Hayes Shares Crypto Market Outlook, Highlights Projects to Watchout For

In Brief

Arthur Hayes shared his perspective on the the future of cryptocurrency market and highlighted 6 noteworthy projects to keep an eye on.

Arthur Hayes Shares Market Narrative Outlook, Highlights Prospective Projects

Co-founder of cryptocurrency exchange BitMEX and chief investment officer (CIO) of the early-stage investment fund Maelstrom, Arthur Hayes, shared major narratives on the future of crypto market and highlighted noteworthy projects in a recent blog.

The derivatives trading volume of individual investors is anticipated to transition from centralized to decentralized exchanges, with decentralized cryptocurrency trading platform dYdX (DYDX) and decentralized derivatives trading protocol GMX (GMX) playing key roles in this shift.

With the rise of Ethereum (ETH) staking, the overall decentralized finance (DeFi) landscape is set to experience an increase in rate swap trading volume, with particular attention to the DeFi yield protocol Pendle.  

On-chain liquidity of decentralized exchanges (DEX) is expected to be facilitated directly through middleware, bypassing the involvement of market makers. Thus, the non-fungible token (NFT) and DeFi platform Elixir is expected to gain traction. 

As DEX assumes the role of a price discovery driver and evolves into a focal point, the significance of on-chain oracles offering settlement and clearing prices is set to grow. Thus, anticipation is expected to surround the Layer 1 network Flare (FLR). 

Tether, a fiat-based stablecoin utilizing banks for fiat currency storage, is anticipated to encounter public scepticism regarding its ability to generate stability, in contrast with more advanced mechanisms, such as those offered by Ethena Labs, the issuer of the USDe stablecoin.

Methods addressing cross-chain bridging without building a bridge are projected to garner attention. The emphasis will be on exploring the capabilities of the blockchain interoperability Operational Protocol Axelar (AXL).

Perspective on Bitcoin, Ethereum and Altcoins

Additionally, Arthur Hayes noted that the introduction of spot Bitcoin ETFs and the potential for spot Ethereum ETFs are expected to enhance the prices of these two assets significantly. However, he plans to shift his focus towards altcoins. 

Arthur Hayes concluded that in the cryptocurrency market, narratives often carry more weight than the technology itself, as investors tend to rely on the assessments of others to inform their investment decisions.

Sharing insights, Arthur Hayes highlighted the key shifts in the cryptocurrency market, pointing to the potential change of narratives.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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