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.
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.
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%.