Arthur Hayes, the founder of the BitMEX crypto exchange, fears that the market has not found a bottom yet, and we are in for a deeper dive.
The day before, he posted a post on Twitter in which he predicted a new phase of the weakening of bitcoin and ether.
If the leading digital currencies fall below $20,000 and $1,000, respectively, then the pressure from the sellers will increase dramatically. Hayes came to these conclusions by analyzing data on options from the Deribit exchange.
Large-scale liquidation has already taken place, but this is not the limit and it is necessary to focus on $20,000 for BTC and $1,000 for ETH.
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These values have not been affected since 2020. For example, $513 million and $306 million were liquidated in bitcoin and ether over the past 24 hours, the expert emphasized.
In his opinion, if we see a new sale, then the “crypto winter” will be delayed.
The onset of a difficult period in the digital currency market is signaled by layoffs in many crypto companies.
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Recently, the CEO of the Crypto.com platform, Chris Marszalek, said that his team is going to say goodbye to 260 employees shortly. Thus, the number of staff will decrease by about 5%.