Arthur Hayes: If Powell delivers a hawkish speech tonight, ETH may retrace to $4000.

On August 22, CEX co-founder Arthur Hayes shared his views on the impact of Powell's interest rate policy on the crypto market during his appearance on the Crypto Banter podcast. The main points are as follows: 1. He does not believe Powell has to do anything. Personally, he would not trade based on the assumption of a "50 basis point cut by the Fed." If Powell insists on not cutting rates, the government will certainly find ways to "squeeze out liquidity." 2. The market may very well repeat the scenario of 2022 - expecting rate cuts, but Powell suddenly delivers a "hawkish punch," resulting in a big dump in the market. 3. If Powell delivers a hawkish speech in Jackson Hole, ETH may first retrace to $4000. Regarding stablecoins, Arthur Hayes stated that people's imagination about stablecoins is not big enough. U.S. Treasury Secretary Yellen will use stablecoins to reverse the trend of "de-dollarization" - that is, to bring the global offshore dollar flow back to the U.S., while providing banking services to so-called "Global South countries (mainly developing countries located in Asia, Africa, and Latin America)" even if local regulations do not allow it.