On August 5, the cryptocurrency market experienced a severe downturn, with Bitcoin plummeting to as low as $48,934 and Ethereum suffering a significant drop of up to 22% in a single day.
Amid the market chaos, Arthur Hayes, the founder of BitMEX and a well-known figure in the trading community, has issued a cautionary note. Hayes, drawing from sources within traditional finance, suggested that a major figure in the cryptocurrency world has collapsed and is currently liquidating their entire crypto portfolio. This, he implies, could be a key factor behind the recent market sell-off.
In his social media post, Hayes stated:
"My contacts in traditional finance informed me that a major player has fallen and is selling off all their cryptocurrency. I don't know if it's true or who it is, but if you hear the same news, let your family and friends know."
Following the dramatic drop, Bitcoin has partially rebounded, trading at $55,778 at the time of writing, marking a 2.84% increase over the past 24 hours.
Despite the recent recovery, Hayes remains bearish on the market. He has warned that the worst might not be over, suggesting that the recent decline could be just the first wave of a larger downturn. On social media, he cautioned:
"That was just the first wave. Now, we need to wait for the bodies of the leveraged fools in traditional finance to surface, and then the second wave will begin. If you plan to enter the market now, expect more pain before Friday. Enjoy this breathing space while you can; the war will continue."
Hayes's warnings are garnering significant attention within the cryptocurrency community. However, some investors remain sceptical, questioning the validity of his bearish outlook and considering whether it might be an overreaction to current market conditions.
As the situation develops, investors and market participants are advised to stay informed and exercise caution.
As the co-founder and former CEO of BitMEX, Arthur has deep and unique insights into the crypto market. In the show, he analyzed the impact of the volatility of the Japanese yen on the market and the role of the US Treasury in the political environment.
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