Bitcoin Faces Weekend Drop Below $50K, Warns BitMEX Co-Founder Arthur Hayes
The crypto market has plunged back into "extreme fear" as Bitcoin briefly dipped below $56,000. BitMEX co-founder Arthur Hayes predicts an even steeper decline, suggesting Bitcoin could fall another 12% to below $50,000 over the weekend.
The Crypto Fear & Greed Index, which tracks market sentiment on a scale of 100, dropped to 22 on Sept. 6, marking a sharp decline from the previous day's score of 29. This is the lowest level of sentiment since early August, signaling widespread anxiety among investors.
Bitcoin's price has fallen 2.7% in the last 24 hours, wiping nearly $30 billion from its market value. Hayes took to social media to forecast further declines, stating, "I'm gunning for sub $50K this weekend."
Concerns about a weak U.S. economy, disappointing jobs data, and uncertainty over Federal Reserve policies have contributed to Bitcoin's lackluster performance. The broader crypto market has followed suit, with major coins like Ethereum, Solana, and XRP all posting significant losses.
In total, the market has seen $94 million in liquidations over the past day, with the majority coming from long positions betting on Bitcoin's price rebound.
Please say a word of prayer for Arthur Hayes soul😅!
