BitMEX co-founder Arthur Hayes has sparked discussions in the crypto market by disclosing his cryptocurrency investment strategy for May. Notably, Hayes, known for his bold predictions and market insights, shared his picks in a recent article titled “Mayday.” 

Meanwhile, his choices provide valuable insight into his outlook on the market and potential opportunities for investors looking to navigate the evolving crypto landscape. Besides, the statement comes amid a recovery in the broader crypto market today, which has further fuelled speculations.

Arthur Hayes’ Cryptocurrency Picks for May

Arthur Hayes, the BitMEX co-founder, remarked on recent crypto market turbulence, likening it to a necessary cleansing. He observed panic among investors since the mid-April downturn, with some declaring they were “done” with crypto. 

Notably, Hayes predicted this market correction due to factors like US tax season, uncertainty over Fed actions, and the Bitcoin halving. Besides, he believes this phase will weed out “tourists” from committed investors, highlighting the resilience of crypto enthusiasts who will return when the market rebounds.

However, in his article “Mayday,” Arthur Hayes outlines his cryptocurrency investment strategy for the month ahead. Despite recent market turbulence, Hayes maintains a bullish stance on the crypto market, emphasizing the resilience of major assets like Bitcoin and Ether. 

Meanwhile, he dismisses concerns over short-term price fluctuations, attributing them to factors like US tax season and uncertainty surrounding the Federal Reserve’s actions. On the other hand, Hayes advocates for accumulating Bitcoin and Ether as long-term reserve assets while also expressing interest in high-beta altcoins. 

Notably, the other altcoins that Arthur Hayes has advocated for include Solana (SOL), dogwifhat (WIF), and especially Dogecoin. Notably, he has also labeled Dogecoin as the “OG doggie coin“. Besides, his investment thesis revolves around the gradual injection of liquidity into the market, which he believes will cushion against downward price pressure and pave the way for a gradual uptrend.

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Buy In May, Go Away Strategy

Under the sub-head “Buy in May, Go Away!” Arthur Hayes emphasizes the importance of taking advantage of market opportunities during the summer months. He plans to capitalize on the recent market correction by increasing exposure to selected altcoins. 

Meanwhile, the BitMEX co-founder said that he would trade Dogecoin and Solana for “momentum trading positions“, while for long-term positions, he put his bet on the Pendle crypto. Notably, Arthur Hayes underscores the need for strategic investments and hints at adopting a more hands-off approach once positions are established, allowing the market to reflect the inflationary impact of recent US monetary policies.

Talking about the prices of Arthur Hayes’s favorite picks, the Bitcoin price was up 2.49% to $59.313.29, while its trading volume fell 29.21% to $29.57 billion. The Ethereum price rose 1.38% and traded at $2,978.46, while the Solana price surged 3.91% to $138.24.

WIF Price

Simultaneously, the WIF price was up 4.10% and exchanged hands at $2.76, while the leading meme coin, Dogecoin price added 3.84% to $0.133. The PENDLE price, in which Arthur Hayes has put his long-term bets, soared 7.91% to $4.59.

PENDLE Price

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The post BitMEX’s Arthur Hayes To Buy These Cryptos In May appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am