As a seasoned crypto investor with a penchant for market volatility and a knack for spotting opportunities amidst chaos, I find myself intrigued by Arthur Hayes’ recent comments. The “widow maker” effect, as he puts it, seems to have struck yet another blow in the global financial landscape, but it also presents us with an opportunity to “go shopping”.
In just under a month, the USD/JPY pair has dropped by 10%, and Japanese stocks are experiencing turmoil. Simultaneously, Bitcoin (BTC) is facing its own challenges. However, seasoned cryptocurrency entrepreneur and investor Arthur Hayes sees possible “buy” chances in this price range.
JPY up, BTC down: Arthur Hayes comments on “widow maker” effect
As a researcher, I’ve observed a widespread phenomenon dubbed as the “global ‘rick off’ mode,” which has significantly impacted various markets across the globe, including Bitcoin (BTC). This abrupt shift, often referred to as the “widow maker,” seems strongly related to heightened volatility and a downturn in the USD/JPY pair.
As a seasoned trader with years of experience under my belt, I’ve seen my fair share of market fluctuations. The recent turn of events in the financial world has reminded me yet again why it’s crucial to stay alert and adapt quickly. The “widow maker” is in full swing, as global risk-off sentiment takes its toll on JPY and, consequently, the crypto markets. It’s a tough blow for many traders like myself who had been enjoying the ride. But, as they say, every downswing offers an opportunity to stock up on undervalued assets. So, it’s time to buckle up, keep a cool head, and start scouting for bargains – because, in this game, patience and adaptability are key.
— Arthur Hayes (@CryptoHayes) August 2, 2024
Arthur Hayes, creator of prominent cryptocurrency exchange BitMEX and Chief Investment Officer at Maelstrom Fund, made these remarks to his 526,000 followers on platform X.
Instead, he sees the economic downturn as an additional avenue for possibilities: According to him, this is the perfect moment to make purchases, as he puts it, “It’s time to go shopping.”
Starting from its lowest point of approximately 161 JPY per USD on July 11, the Japanese yen has gained more than 10% and now hovers around 140 JPY per USD.
Instead, while Ethereum held steady, Bitcoin (BTC), the leading cryptocurrency, saw a decline after being turned down at $70,000 on July 29. In a span of merely three days, its value dropped below $61,000, representing a 14% decrease.
Japan’s Nikkei 225 sees biggest plunge since 1987 Black Monday
As a seasoned investor with over two decades of experience navigating market fluctuations, I have witnessed countless ups and downs. This week’s volatility on global markets has once again reminded me of the unpredictable nature of our financial world. The spike in the U.S. unemployment rate to 4.3% within a month and the speculation surrounding potential Fed rate cuts in September have certainly added fuel to the fire. However, I’ve learned that it is during these turbulent times that one must stay calm, analyze the situation thoroughly, and make informed decisions.
The Nikkei Stock Average 225, an index of largest Japanese companies stocks, lost 2,216.63 points, or 5.81% in just one day.
In simpler terms, the Topix index experienced a significant decrease of about 6.14%, reaching its lowest close in six months.
Economists pointed out that these declines rank among the second most significant in the recorded history of related indices. This suggests that the Japanese stock market has experienced similar intense pressure since the events of Black Monday in 1987.
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2024-08-03 14:18