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Categories:

Hot right now:

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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Bitcoin dominance could reach 70% as financial uncertainty grows – Arthur Hayes says

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Arthur Hayes, BitMEX co-founder, believes Bitcoin’s dominance is heading toward 70% as global financial uncertainty deepens.

In an April 7 post on X, Hayes pointed out that risk appetite for altcoins remains subdued because Bitcoin remains the safer bet until the Federal Reserve begins printing money again, a move he sees as inevitable in the face of mounting economic strain.

In light of this, Hayes said he expects Bitcoin’s market share to climb toward 70%, driven by declining confidence in traditional financial systems.

According to CoinMarketCap data, Bitcoin currently commands around 63% of the total crypto market capitalization, its highest share in over four years.

‘Black Monday’

Over the past day, the global stock markets have suffered due to the Donald Trump administration’s imposition of a sweeping 10% tariff on all imports, including much higher rates for key trade partners like China and the EU.

This triggered a panic as major stock exchanges like Hong Kong posted a 13% drop, its worst day since 1997, while China’s market logged its biggest single-day loss since the 2008 crisis.

Across the Atlantic, US equities haven’t fared any better. According to the Kobeissi Letter, the S&P 500 futures are down 22%, pushing the market deep into bear territory.

The analysts also reported that the US stock market has shed an average of $400 billion per trading day for 32 consecutive days.

Meanwhile, the crypto market hasn’t been spared either. In the past 24 hours alone, over $1.3 billion in crypto positions were liquidated as traders scrambled to protect their portfolios.

Shift to neutral assets

Hayes previously argued that the traditional financial system, long dependent on US dollar dominance, shows signs of stress.

According to him:

“If the US current account deficit is eliminated, then foreigners do not have dollars to buy bonds and stocks. If foreigners have to juice up their own nations’ economies they will sell what they own, US bonds and stocks, to fund their nation-first policies.”

In such a landscape, Hayes sees a growing demand for assets detached from national control.

While gold presents a classic hedge for nations, Hayes believes Bitcoin is even more compelling in a decentralized, distrustful world.

He suggests that this environment could ultimately push BTC towards $1 million as it assumes a more significant role in the evolving global financial system.

The post Bitcoin dominance could reach 70% as financial uncertainty grows – Arthur Hayes says appeared first on CryptoSlate.

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