Bitcoin\u2019s price collapsed on Friday below $53,000, reaching its lowest level since the \u201cBlack Monday\u201d following macroeconomic shakeups in early August.<\/p>\n
The collapse appears to have fully corroborated the prediction of BitMEX co-founder Arthur Hayes, who believes there could still be more pain to come for crypto holders.<\/p>\n
Bitcoin traded for $56,925 at 1:25 PM UTC, before collapsing to $52,871 by 8:55 PM UTC. It trades for $53,500 at writing time. The post Bitcoin Price Crashes Toward $53K But Arthur Hayes Expects It To Plummet Further<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin\u2019s price collapsed on Friday below $53,000, reaching its lowest level since the \u201cBlack Monday\u201d following macroeconomic shakeups in early August. The collapse appears to have fully corroborated the prediction of BitMEX co-founder Arthur Hayes, who believes there could still be more pain to come for crypto holders. Bitcoin traded for $56,925 at 1:25 PM […]<\/p>\n","protected":false},"author":0,"featured_media":4331,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4330","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/4330"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4330"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/4330\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/4331"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4330"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4330"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nOn Thursday, Hayes predicted that Bitcoin could plummet even further over the next two days.
\n\u201cBTC is heavy, I\u2019m gunning for sub $50k this weekend,\u201d he tweeted<\/a>. \u201cI took a cheeky short. Pray for my soul, for I am a degen.\u201d
\nIn early August, Bitcoin briefly dipped below $50,000 after the Bank of Japan raised interest rates for the first time in over a decade. However, Bitcoin and the broader market quickly recovered as the BOJ promised not to raise rates further so long as it threatened market stability.
\nYet Bitcoin and stocks are back on the decline as poor U.S. economic data this week continues to point towards a coming recession<\/a>.
\nOn Tuesday, Hayes already warned<\/a> that Bitcoin could \u201cslowly leak toward $50,000,\u201d blaming rising deposits to the Fed\u2019s Reverse Repo Program (RRP) for sucking money out of the broader market.
\nIn his essay, he emphasized that his bearishness is \u201ctemporary,\u201d and will likely only last until the end of the month before the Federal Reserve and U.S. Treasury inject the economy with more liquidity.
\n\u201cI expect intervention to begin in late September,\u201d he said. \u201cBetween now and then, Bitcoin will, at best, continue to chop, and altcoins could dive deeper into the gutter.\u201d<\/p>\n