Arthur Hayes Says Crypto Didn’t Need ‘Nonsense’ Regulation Just A Rate Hike

The Fed raised its benchmark rate by 25 basis points to a range of 3.75% to 4% on Wednesday, its first increase since 2023.

• Arthur Hayes said on Friday that the Federal Reserve's rate hike, not crypto legislation, was what lifted Bitcoin this week.
• Grayscale's head of research called the same hike a mid-cycle adjustment unlikely to move crypto markets.
• Bitcoin traded above $81,000 on Saturday, days after the Senate blocked the CLARITY Act.

As Bitcoin (BTC) traded above $81,000 on Saturday, Flop Labs CEO Arthur Hayes dismissed the Digital Asset Market Clarity Act (CLARITY Act) as "nonsense" and said crypto needed the Federal Reserve's rate hike, not the bill.

"See, we didn't need some nonsense piece of crypto regulation, Clarity Act, just a rate hike that puts more dollars in the hands of rich people to consume more financial assets," Hayes wrote in a post on X on Friday. 

Bitcoin’s price traded at about $81,322, edging up over 3%. The token slipped to the $ 75,000 range on Wednesday, after the bill stalled in the Senate the day before, and has steadily increased since then. 

On Stocktwits, the retail sentiment around BTC remained in the ‘bearish’ zone, while chatter around it stayed at ‘normal’ levels over the past day.