Arthur Hayes recently tweeted a possible reason behind the ongoing market crash, offering his perspective on the situation.
Bitcoin’s price plummeted to around $53,000, marking a loss of over $17,000 since last Monday. This drop represents one of the worst weekly performances in the cryptocurrency’s history.
$840 Million in Leverage Positions Liquidated Amid Market Crash
In the past 24 hours, an astonishing $840 million worth of leveraged positions were liquidated due to the market crash. This sudden downturn has led to significant turmoil in the crypto space.
Source: Coinglass
Market analysts have pointed out three main reasons for the recent market crash. These factors are the weak US economy, uncertainty about the US Federal Reserve’s plans, and money leaving exchange-traded funds.
Arthur Hayes Speculates on Market Crash
Arthur Hayes, the former CEO and co-founder of BitMEX, is speculating about a potential reason behind the recent market crash. Hayes hinted that a major player in the crypto space might be dumping a large amount of cryptocurrency, which could be contributing to the market turmoil.
Source: X
He mentioned that sources from traditional finance (TradFi) suggest someone significant might be responsible for the sell-off, although he didn’t name specific individuals or entities. During the weekend, trading firm Jump Crypto, associated with Jump Trading, transferred hundreds of millions of dollars in various cryptocurrencies, including a notable $46 million in Ethereum. This large movement has led many to believe that Jump Crypto might be liquidating its assets, possibly impacting the market.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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