Bitcoin price plummets to $53,000, but Arthur Hayes predicts further plunge

Bitcoin costs fell beneath $53,000 on Friday, reaching their lowest ranges since “Black Monday” following the macroeconomic turmoil in early August.

The crash seems to completely affirm the predictions of BitMEX co-founder Arthur Hayes, who believes that there could also be extra ache to return for cryptocurrency holders.

• Bitcoin was buying and selling at $56,925 at 1:25 pm UTC earlier than falling to $52,871 at 8:55 pm UTC. As of this writing, it’s buying and selling at $53,500.
• On Thursday, Hayes predicted that Bitcoin might plummet additional over the subsequent two days.
  “BTC may be very heavy and my objective for this weekend is to be beneath $50,000,” he mentioned Tweet. “I shamelessly made a shortie. Pray for my soul as a result of I’m a degenerate.
• In early August, after the Financial institution of Japan raised rates of interest for the primary time in additional than a decade, Bitcoin briefly fell beneath $50,000. Nonetheless, Bitcoin and the broader market recovered rapidly because the Financial institution of Japan pledged to not additional elevate rates of interest so long as it threatened market stability.
• Nonetheless, Bitcoin and shares are falling once more as poor U.S. financial knowledge this week continues to point out The coming recession.
• Tuesday, Hayes Already warned Bitcoin might “slowly fall towards $50,000,” blaming rising deposits within the Federal Reserve’s reverse repurchase program (RRP) for siphoning funds away from the broader market.
• Within the article, he confused that his pessimism was “non permanent” and would doubtless solely final till the tip of the month earlier than the Federal Reserve and the U.S. Treasury inject extra liquidity into the economic system.
• “I count on the intervention to begin in late September,” he mentioned. “Bitcoin will, at finest, proceed to fall between from time to time, and altcoins could sink even deeper into the gutter.”