BitMex Founder Arthur Hayes highlights danger of further decline in Bitcoin, Ethereum prices
BitMex co-founder Arthur Hayes said that if Bitcoin (BTC) and Ethereum (ETH) prices fall further below the current threshold, it could have disastrous consequences for the market.
Hayes tweeted that spot sales of digital assets will skyrocket as Bitcoin prices fall below $ 20,000. He added that the same situation would occur if Ethereum fell below $ 1000. “Because dealers are hedging themselves, we anticipate significant selling pressure in the spot market,” Hayes said.
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View on-chain data $ wBTC When $ ETH, Clearing is almost happening.Visualization of data from @parsec_finance
— Arthur Hayes (@CryptoHayes) June 14, 2022
Apart from the entries listed, Mr. Hayes pointed out that the OTC market is large and not tracked by indicators or indicators on the chain.
Arthur Hayes previously predicted that Bitcoin could eventually reach $ 1 million.
At the time of the press, Bitcoin is trading at $ 22,578 and Ethereum is trading at $ 1229. The industry’s market capitalization is also less than $ 1 trillion.
The current crash began after the U.S. Department of Labor released CPI inflation data last Friday, stating that consumer price inflation reached a 40-year high of 8.6% in May.
There is also speculation that the Federal Reserve will announce another rate hike in its bid to curb violent inflation.
Cryptographic massacre continues
The current market sale has caused huge losses to the crypto industry as holders and businesses have suffered huge losses on their investments.
Cryptocurrency lending platform Celsius has been forced to suspend its withdrawal due to “extreme market conditions”. However, analysts question whether the company can be financially resolved.
El Salvador, MicroStrategy, Tesla, Block Holdings pic.twitter.com/SAAGZqxR3C
— DB (@ tier10k) June 13, 2022
Meanwhile, big bag holders such as MicroStrategy, El Salvador and Tesla are now losing Bitcoin. According to the information available, MicroStrategy currently holds Bitcoin with an unrealized loss of about $ 1 billion, while Tesla has an unrealized loss of over $ 300 billion.
Cryptocurrency exchanges such as Coinbase and Crypto.com have been forced to shrink due to current market conditions.
But despite this sharp drop investment In Bitcoin, S & P 500, Gold, Dow Jones, and PIMCO Active Bond ETFs.
