Although Bitcoin (BTC) is affected by ongoing US-Iran tensions and rising oil prices, it remains resilient compared to global markets.
However, the events are also increasing uncertainty, and Bitcoin and cryptocurrencies don’t like uncertainty.
At this point, BitMEX co-founder Arthur Hayes assessed the developments taking place around the world and their impact on the crypto market.
Hayes stated that there is currently a great deal of uncertainty in the markets, and that it is impossible to predict how long a war between the US and Iran will last, therefore a longer war is already priced in.
In this context, Arthur Hayes described the current cryptocurrency market as no-trade zone and advised investors to wait.
Hayes stated that under the current conditions, there is no suitable investment environment in the cryptocurrency market.
The renowned figure warned that any disruption to energy supplies in the Middle East could reignite inflationary pressures.
At this point, Hayes said that if the war continues in the long term, central banks may step in to improve the economy, which could boost the price of Bitcoin.
“It’s unclear how long the war will last. It could be a long one. That’s why I’m currently in an observation position. These aren’t the places to take action.”
However, central banks could step in. When central banks start providing liquidity again, a surge in risky assets like BTC could begin.”
*This is not investment advice.
