{"id":4929,"date":"2022-06-14T22:58:52","date_gmt":"2022-06-14T22:58:52","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=4929"},"modified":"2022-06-14T22:58:52","modified_gmt":"2022-06-14T22:58:52","slug":"bitmex-founder-arthur-hayes-highlights-danger-of-further-decline-in-bitcoin-ethereum-prices","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=4929","title":{"rendered":"BitMEX founder Arthur Hayes highlights danger of further decline in Bitcoin, Ethereum prices"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/> \ud83d\udc4b Want to work with us? CryptoSlate is hiring for a handful of positions!<\/p>\n<p>BitMEX co-founder Arthur Hayes said that a further dip in Bitcoin (BTC) and Ethereum (ETH) prices below their current threshold could be disastrous for the market.<\/p>\n<p>Hayes tweeted that if Bitcoin\u2019s price should fall below the $20k mark, there would be a surge in the spot selling of the digital asset. He added that the same situation would happen if Ethereum fell below $1000. \u201cWe can expect massive sell pressure in the spot markets as dealers hedge themselves,\u201d Hayes said.<\/p>\n<p lang=\"en\" dir=\"ltr\">Here we go \u2026<\/p>\n<p>1\/<\/p>\n<p>Looking at onchain data for $wBTC and $ETH, the liquidations have mostly happened. Data visualization from @parsec_finance<\/p>\n<p>\u2014 Arthur Hayes (@CryptoHayes) June 14, 2022<\/p>\n<p>Hayes noted that aside from the listed entries, there is a massive volume of the OTC market, which is not being tracked by on-chain metrics and indicators.<\/p>\n<p>Arthur Hayes had previously predicted that Bitcoin\u2019s price could be as high as $1 million someday.<\/p>\n<p>As of press time, Bitcoin is trading for $22,578, while Ethereum is changing hands for $1229. The industry\u2019s market cap is also less than $1 trillion.<\/p>\n<p>The current crash began after the U.S. Labor Department released its CPI inflation data last Friday, saying that consumer inflation had hit a 40-year high of 8.6% in May.<\/p>\n<p style=\"font-weight: 400;\">There are also speculations that the Federal Reserve would announce another interest rate hike in its bid to rein in the raging inflation.<\/p>\n<h2>Crypto carnage continues<\/h2>\n<p>The current market sell-off has caused the crypto industry huge losses as holders and companies have suffered massive losses on their investments.<\/p>\n<p style=\"font-weight: 400;\">Celsius, a crypto lending platform, was forced to suspend withdrawals because of \u201cextreme market conditions.\u201d However, analysts question if the company is financially solvent.<\/p>\n<p lang=\"en\" dir=\"ltr\">El Salvador, Microstrategy, Tesla and Block holdings pic.twitter.com\/SAAGZqxR3C<\/p>\n<p>\u2014 db (@tier10k) June 13, 2022<\/p>\n<p style=\"font-weight: 400;\">Meanwhile, big bag holders like MicroStrategy, El Salvador, and Tesla are currently holding Bitcoin at a loss. According to available information, MicroStrategy currently holds Bitcoin at almost $1 billion in unrealized loss, while Tesla\u2019s unrealized loss is over $300 billion.<\/p>\n<p style=\"font-weight: 400;\">Crypto exchanges like Coinbase, Crypto.com, and others have been forced to downsize because of the current market situation.<\/p>\n<p>However, despite this rapid drop, investments in Bitcoin are still 73% more profitable than major investment products like S&amp;P 500, gold,\u00a0Dow Jones, and PIMCO active bond ETF.<\/p>\n<h2>Get an Edge on the Crypto Market \ud83d\udc47<\/h2>\n<p>Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.<\/p>\n<p>  <strong>On-chain analysis<\/strong><\/p>\n<p>  <strong>Price snapshots<\/strong><\/p>\n<p>  <strong>More context<\/strong><\/p>\n<p> Join now for $19\/month Explore all benefits<script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/bitmex-founder-arthur-hayes-highlights-danger-of-further-decline-in-bitcoin-ethereum-prices\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ud83d\udc4b Want to work with us? CryptoSlate is hiring for a handful of positions! BitMEX co-founder Arthur Hayes said that a further dip in Bitcoin (BTC) and Ethereum (ETH) prices below their current threshold could be disastrous for the market. Hayes tweeted that if Bitcoin\u2019s price should fall below the $20k mark, there would be [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4930,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-4929","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4929","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4929"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4929\/revisions"}],"predecessor-version":[{"id":4931,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4929\/revisions\/4931"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/4930"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4929"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4929"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4929"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}