Bitcoin Price Crash Arthur Hayes makes bold price prediction
Arthur Hayes, co-founder of BitMEX, hinted on his official Twitter account that Bitcoin’s price might fall below $10K with a GIF video mocking Bitcoin’s free fall over the past few days.
Hayes’s tweet came right after the news about FTX collapse, which further impacted a few crypto firms in this industry.
Read more: Genesis suspends customer withdrawals in wake of FTX collapse
Are you ready for this?$BTC 10k, my fiat is ready! pic.twitter.com/FVsooDJhVT
— Arthur Hayes (@CryptoHayes), November 16, 2022
Arthur’s $15K bet
The former BitMEX CEO took to Twitter last week to announce that he had purchased some Bitcoin put options at a strike price $15,000 and an expiry date in March 2023. The tweet was made after Bitcoin dropped to $19,244 on Bitstamp’s exchange due to the FTX epidemic.
Market to Rebound in the Long Term
Hayes stated that he was very bullish about cryptocurrencies in 2023, as he had said before. He believes that digital assets will initially fall to new lows, creating panic on the market, before reaching new heights.
Hayes believes that the absence of a central bank or any other organization that could stop bleeding is a major advantage for the sector, as it will allow the crypto markets to reset effectively and recover.
Arthur Hayes stated that the recent FTX fiasco was similar to the 2008 stock market crash.
“FTX wasn’t the first high-profile failure and it won’t be the last. Despite all this, blocks on Bitcoin, Ethereum and all other blockchains were still produced, verified, and maintained throughout. In the face of failures by centralized entities, decentralized money and finance will continue to thrive and survive.”
Read More: BlockFi Preps For Potential Bankruptcy After FTX Collapse
Hayes is not the only one who has faced controversy. In March, Benjamin Delo, former CEO of BitMEX, and another executive admitted to violating the Bank Secrecy act by deliberately failing to set up anti money laundering procedures.
A judge later ordered Hayes to serve two-years probation and six months house confinement, in addition to a $10,000,000 fine.
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