Bitcoin Bear Market Could Last 18 More Months: BitMEX CEO
November 1, 2018 11:51 amVideo
Latest News
- Technical Analysis – EURGBP maintains bearish bias amid pennant formation April 17, 2024
- EUR/USD. April 17th. Jerome Powell supports the dollar April 17, 2024
- GBP/USD. April 17th. Inflation in Britain is falling, but not as much as the market wants April 17, 2024
- Tesla Q1 Earnings: Poor deliveries point to disappointing results – Stock Markets April 17, 2024
- Video market update for April 17, 2024 April 17, 2024
- Forex forecast 04/17/2024: EUR/USD, GBP/USD, Gold, Bitcoin and Ethereum from Sebastian Seliga April 17, 2024
- Technical Analysis – Gold struggles to jump above 2,400 April 17, 2024
- GBP/USD: trading tips for beginners for European session on April 17 April 17, 2024
- EUR/USD: trading tips for beginners for European session on April 17 April 17, 2024
- Market Comment – Geopolitics and Fedspeak keep stocks under pressure April 17, 2024
- Technical Analysis – USDJPY on the verge of hitting 155.00 milestone April 17, 2024
- Hot forecast for EUR/USD on April 17, 2024 April 17, 2024
- Overview for the GBP/USD pair on April 17th. British inflation could weigh on the pound April 17, 2024
- Technical Analysis – NZDUSD bounces off 5-month low April 17, 2024
- Overview for the EUR/USD pair on April 17th. There is no single reason for the euro to rise April 17, 2024
- Key events on April 17: fundamental analysis for beginners April 17, 2024
- Trading plan for GBP/USD on April 17. Simple tips for beginners April 17, 2024
- Trading plan for EUR/USD on April 17. Simple tips for beginners April 17, 2024
- Technical Analysis of Intraday Price Movement of USD/JPY Main Currency Pairs, Wednesday April 17, 2024. April 17, 2024
- Technical Analysis of Intraday Price Movement of Crude Oil Commodity Asset, Wednesday April 17, 2024. April 17, 2024
Bitcoin prices and trading volume might keep plummeting, and the current bear market could last another 18 months. That’s the sobering assessment of Arthur Hayes, the CEO of the Bitcoin Mercantile Exchange (BitMEX), the world’s largest bitcoin derivatives trading platform. Hayes started trading crypto full-time in 2013 after losing his job as an equities trader at Citibank. The Hong Kong-based executive said the trading patterns today resemble the “nuclear bear market” he witnessed in 2014.
Cryptocurrency trading volumes recently plunged to a new year low following the summer slump. Hayes said volume could drop more in the coming months. “We think trading volumes could fall further from where they are now,” he said. This is a stunning about-face from the exuberant $50,000 year-end bitcoin price target Hayes set back in June 2018. At the time, he said BTC prices were just one positive regulatory decision away from rocketing past $20,000 on its way to $50,000 by December 2018. That does not appear realistic given current market conditions.
Jonathan Levi, the CEO of blockchain startup Hacera, agreed. “The price of bitcoin is undoubtedly in a bear market, but in the application of bitcoin and other blockchain projects we are in fact in a bull market,” Levi said. “Most of the EU banks are actively investing in blockchain, and that all originally stems from bitcoin.” While many in the crypto community are in panic mode over the market’s current downswing, cryptocurrency evangelists who have followed the market since its inception are not worried over short-term blips.
Related Posts: