Arthur Hayes, former CEO of BitMEX and current manager of a family office called Maelstrom, predicts that the ongoing crypto bull market will be “reawakened” due to recent interest rate cuts by the Bank of Canada and the European Central Bank.

Hayes made this prediction in a post on his Substack blog on June 6. The Bank of Canada was the first major central bank to announce a cut in interest rates this year on Wednesday, reducing rates by 0.25% to 4.75%.

The European Central Bank followed suit the next day, also cutting rates by 0.25% to 4.25%. Hayes believes that these “fireworks” set off by the central banks will boost the crypto market out of its slow period during the northern hemisphere’s summer.

However, Hayes had originally expected this catalyst to come in August during the US Federal Reserve’s annual Jackson Hole Symposium, where major economic policies are typically announced.

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