BitMEX co-founder Arthur Hayes has come up with the notion that is treated like a warning about an upcoming mega crypto dump and he also told about its timeline
People, although getting the intensity but still want this ongoing crypto winter to end soon. However, several experts don’t think so and expect this could last long and maybe there are worse instances yet to come. For instance, Shark tank investor and billionaire Mark Cuban said that several crypto projects will disappear from the space forever while Veteran investor Peter Brandt thinks that cryptocurrencies like bitcoin (BTC) might not see another highs till 2024.
Now joining the club, co-founder and former CEO of BitMEX, Arthur Hayes came up with the warning about cryptocurrencies could experience tough situations ahead as the after-effects of tightening of monetary policies by central banks all over the world. In his new blog post, Hayes said that he is looking ahead at a significant weekend when the crypto market could see a submission of panic sellers that are flooding in a bidless market.
The post wrote that by 30th June or that would be the end of second quarter of this year, the Federal Reserve is looking towards enacting an interest rate hike or upto 75 basis point and started shrinking its expenditure balance sheet. He further stated that 4th July this year would fall on Monday which is a holiday from both federal and banking point. This could be according to Arthur Hayes thinks that could end up being as a perfect setup for another mega crypto dump.
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The crypto capitalist said that he expects that there will be a significant drop in liquidity during the weekend around the US Independence day. This shows that Hayes is not optimistic that the timing would be any good for top cryptocurrencies including bitcoin (BTC) and ethereum (ETH).
Hayes stated that there could be a wild ride towards the downside from 30th June to 15th June. He said that his bitcoin (BTC) of $25,000 to $27,000 and Etheruem (ETH) of $1,700 to $1,800 might shatter down to the bottom. About the lower side that crypto assets could touch, he said that it will be found out soon on this weekend.
Source: https://www.thecoinrepublic.com/2022/06/19/what-made-arthur-hayes-think-that-mega-crypto-dump-is-coming/