Cryptocurrency experienced a rebound today after a comprehensive crash yesterday, but BitMEX founder Arthur Hayes has issued another warning, stating that the market downturn is not yet over and that a second wave may be imminent.
(Background: Panic selling and a potential second wave? Bitcoin’s antagonist Peter Schiff: Let’s wait and see when the spot ETF opens tonight.)
(Additional Context: Arthur Hayes: A major player has faced issues and is “selling off all cryptocurrencies”; is Jump Trading the culprit behind the crash?)
The cryptocurrency market faced a severe setback this past Monday (5th), with Bitcoin briefly dropping below $50,000 to a low of $48,934, while Ethereum fared worse, experiencing a maximum daily decline of up to 22%. Amidst the market’s despair, legendary trader and BitMEX founder Arthur Hayes stated yesterday that he received information from sources within traditional finance indicating that a notable figure in the crypto space had collapsed and was selling all of their cryptocurrencies, suggesting a reason behind the market’s plunge.
Bitcoin managed to recover back to $55,000. However, following yesterday’s crash, Bitcoin showed signs of recovery today, reclaiming some of its losses and rising to $55,778 at the time of writing, with a nearly 24-hour increase of 2.84%.
Bitcoin price trend. Source: OKX
Arthur Hayes: The decline is not over.
In light of today’s rebound in the cryptocurrency market, Arthur Hayes again took to social media platform X to warn investors, stating that yesterday’s disaster was only the first wave and that a second wave may soon follow. However, despite Hayes being a prominent figure in the crypto community, some investors find it hard to believe his bearish comments today.
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Can Bitcoin hold the $50,000 mark? Nasdaq futures have already plunged nearly 5%, and the market is watching the U.S. stock market’s opening tonight.