The cryptocurrency market suffered a heavy setback on Monday (5). Bitcoin once fell below $50,000 to $48,934. Ethereum was even worse, with the largest single-day drop of 22%.
Amid the wailing in the market, legendary trader and BitMEX exchange founder Arthur Hayes also posted yesterday that he learned through sources in the traditional financial circle that a big player in the crypto has collapsed and is selling all his cryptocurrencies. Currency, hints at reasons behind market plunge:
My friends in the traditional financial world told me that a certain big name has collapsed and is selling all its cryptocurrencies.
I don't know if this is true and I won't reveal the names, but if you hear the same, please tell your family and friends.
Bitcoin hits $55,000
However, after yesterday's collapse, Bitcoin rebounded today and has recovered some of its losses. At the time of writing, it returned to $55,778, with an increase of 2.84% in the past 24 hours.
Arthur Hayes: The plunge is not over yet
However, in the face of today's rebound in the cryptocurrency market, Arthur Hayes once again posted a message on social platform X to warn investors, saying that yesterday's disaster was only the first wave, and the second wave may be coming:
That was just the first wave. Now we need to wait for the corpses of the over-leveraged fools in traditional finance to surface before the second wave begins.
If entry is to continue now, the market will provide more pain into Friday. Enjoy the respite now, the war will continue.
However, although as a heavyweight in the crypto, Arthur Hayes's views often attract the attention of the community, some investors find it difficult to believe today's bearish remarks:
If I compared your tweets to your on-chain transaction data, I don’t know if I would be able to trust you again right now. —— @eurocbull1
