BitMEX CEO Arthur Hayes anticipates major crypto market volatility ahead as US President Donald Trump plans to introduce unilateral tariffs ahead of the July 9 deadline. The market is already seeing some selling pressure in the last 24 hours, despite the breakthrough in the US-China trade deal. Furthermore, the lower-than-expected US CPI print has also failed to serve as a catalyst, failing to push the Bitcoin price above $110K resistance.
Crypto market started the week on a strong note with Bitcoin chasing the Global M2 money supply. However, the BTC price faced crucial rejection at $110,000 as bulls failed to muster enough strength for a rally to new all-time highs.
On the news of the unilateral Trump tariffs in the next two weeks, Arthur Hayes warns of cryptocurrency market volatility ahead. “Don’t get shook,” said Hayes in a message on the X platform.
The global macro uncertainty and the Trump tariff war have influenced crypto movements in the last two months, along with other risk-on assets. Following the US-China deal, the market reacted initially with some upside, but failed to gather enough steam for the momentum to continue.
Previously, Arthur Hayes said that it’s about time that the Fed pivots from quantitative tightening (QT) to quantitative easing (QE). However, the recent US CPI data shows inflation concerns remain around the corner, and any expectations of Fed rate cuts have dropped further.
US President Donald Trump has renewed his pledge to implement unilateral tariff rates within the next one to two weeks, reigniting trade tensions shortly after the U.S.-China deal, reported Bloomberg.
The announcement led to a downturn in global markets, with both European and U.S. equity futures retreating. The dollar also weakened as investors shifted to haven assets. Simultaneously, treasury yields fell, and gold prices surged, reflecting increased caution among crypto market traders.
Additionally, the Trump team is also working on securing bilateral deals with other key economic partners such as India, South Korea, and Japan.
Bitcoin price is down 1.66% today, trading at $107,750 level, while altcoins have dropped by a similar magnitude. Dogecoin (DOGE) has seen the biggest drop at 7% among the top ten cryptocurrencies.
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