Bitcoin's Price Plunge: Arthur Hayes Explores New Causes

Bitcoin has plummeted to $53,000, shedding over $17,000 since last Monday. This dramatic decline marks one of the cryptocurrency's worst weekly performances in history. In just the past 24 hours, $840 million worth of leveraged positions were liquidated due to this market crash.

Initially, experts identified three potential causes for this downturn: a weakening US economy, uncertainties about the US Federal Reserve's fiscal policy, and a significant outflow of funds from exchange-traded funds. However, Arthur Hayes, former CEO and co-founder of a major derivatives trading platform, suggests another possible reason.

During the weekend, Jump Crypto, the cryptocurrency division of Jump Trading, moved hundreds of millions of dollars in various coins, including a $46 million transfer of ETH. This has led many to speculate that the firm might be liquidating its holdings.

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