- Arthur Hayes predicts Bitcoin (BTC) may fall under $50,000 amid market turmoil.
- The autumn within the worth of Bitcoin led to $36.71 million in liquidation.
- The Crypto Worry & Greed Index exhibits “excessive worry” reflecting rising market nervousness.
In current days, the cryptocurrency market has been flooded with uncertainty and the worth of Bitcoin has fallen considerably.
After falling under $57,000 on September 5, Bitcoin fell to $55,711.26, resulting in a pointy decline in market sentiment. The drop pushed the Crypto Worry & Greed Index again into the “excessive worry” zone with a rating of twenty-two, a big drop from the day prior to this's “worry” rating of 29.
Arthur Hayes, co-founder of cryptocurrency trade BitMEX, weighed in on present market situations and predicted additional declines within the worth of Bitcoin in a put up on X, suggesting it may fall under $50,000 by the weekend.
$BTC it's powerful, I'm on the lookout for underneath $50k this weekend. I took a cheeky shortcut. Pray for my soul for I’m degen.
— Arthur Hayes (@CryptoHayes) September 6, 2024
Hayes' prediction comes amid a broader market hunch and rising considerations concerning the US economic system.
Greater than 36 million bitcoin lengthy positions have been liquidated
The current plunge precipitated Bitcoin to wipe roughly $29.7 billion off its market cap. In keeping with CoinGlass information, the worth drop additionally led to the liquidation of greater than $36.71 million price of lengthy positions, which represents about 40% of as we speak's crypto liquidations.
The autumn within the worth of Bitcoin had a domino impact on the cryptocurrency market. Different main cryptocurrencies additionally noticed declines, with Ethereum (ETH) down 2.23%, Solana (SOL) down 2.82%, and Ripple (XRP) down 2.19%.
This broad decline has resulted in additional than $94.26 million in liquidations over the previous 24 hours, with lengthy Bitcoin and Ether positions accounting for greater than half of these liquidations.
The present volatility of the crypto market is attributed to the confluence of broader macroeconomic elements. Latest U.S. employment information fell wanting expectations, elevating considerations a couple of potential Federal Reserve rate of interest lower and elevating market considerations.
As Bitcoin navigates these turbulent waters, all eyes shall be on whether or not Hayes' prediction comes true and the way broader market sentiment develops in response to ongoing financial indicators.
