- Arthur Hayes predicts Bitcoin (BTC) may fall under $50K amid market turmoil.
- Bitcoin’s value drop has led to $36.71M in liquidations.
- The Crypto Worry & Greed Index exhibits “excessive worry,” reflecting rising market anxiousness.
In latest days, the cryptocurrency market has been awash with uncertainty, with Bitcoin’s value taking a major tumble.
After slipping below $57,000 on September 5, Bitcoin has fallen to $55,711.26, resulting in a pointy decline in market sentiment. This downturn has thrust the Crypto Worry & Greed Index again into the “excessive worry” zone, with a rating of twenty-two, a notable drop from the day gone by’s “worry” rating of 29.
Arthur Hayes, co-founder of the cryptocurrency alternate BitMEX, has weighed in on the present market circumstances and in a put up on X, predicted an extra decline in Bitcoin’s value, suggesting that it may fall under $50,000 over the weekend.
$BTC is heavy, I’m gunning for sub $50k this weekend. I took a cheeky quick. Pray for my soul, for I’m a degen.
— Arthur Hayes (@CryptoHayes) September 6, 2024
Hayes’s prediction comes amidst a broader market hunch and rising issues concerning the US economic system.
Over 36 million Bitcoin lengthy positions liquidated
The latest plunge has seen Bitcoin wipe out roughly $29.7 billion from its market capitalization. In line with CoinGlass data, the worth dip has additionally resulted in over $36.71 million price of lengthy positions being liquidated, accounting for about 40% of in the present day’s crypto liquidations.
The drop in Bitcoin’s worth has had a ripple impact throughout the cryptocurrency market. Different main cryptocurrencies have additionally skilled declines, with Ethereum (ETH) falling by 2.23%, Solana (SOL) dropping by 2.82%, and Ripple (XRP) seeing a 2.19% hunch.
This broad-based downturn has led to over $94.26 million in liquidations over the previous 24 hours, with Bitcoin and Ether lengthy positions accounting for over half of those liquidations.
The present crypto market volatility is attributed to a confluent of broader macroeconomic components. Notably, the latest US jobs information fell in need of expectations, elevating issues a couple of potential Federal Reserve rate of interest minimize and including to the market’s apprehensions.
As Bitcoin navigates these turbulent waters, all eyes will probably be on whether or not Hayes’s prediction involves fruition and the way the broader market sentiment evolves in response to ongoing financial indicators.