“The initial positive market reaction [to Fed’s impending rate cuts] is justified because investors believe that if money is cheaper, assets priced in fiat dollars of fixed supply should rise,”Arthur Hayes, a co-founder and former CEO of crypto exchange BitMEX and the chief investment officer at Maelstrom, wrote in a recent blog post. “I agree; however … we are forgetting that these future anticipated rate cuts by the Fed, BOE, and ECB reduce the interest rate differential between these currencies and the yen.”