Recovering crypto market may dive again, this expert guessed

The cryptocurrency market has been witnessing a period of uncertainty for several months. The world’s most popular cryptocurrency bitcoin is trading around $20,000 after a record fall. While the crypto market has shown a slight correction this week, experts are also cautioning about the dangers to come. Taking a serious view, former BitMEX CEO Arthur Hayes said in the latest Twitter thread that this relief may be temporary. Forced selling in the short term can drag down the entire market.

of cryptopotato Report According to the U.S., Arthur Hayes predicted the possibility of a bullish sell-off of bitcoin in the near term, accounting for about half of its total holdings. Taking a dig at crypto lending platforms
The former BitMEX CEO also pointed to their “weak risk management” strategy as well as generous lending terms. Also expected the forced sale of bitcoin and ethereum (ETH).

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BTCC – Purpose ETF puked 24,500 $BTC into the North American Friday close. I’m not sure how they execute redemptions but that’s a lot of physical BTC to sell in a small time frame. pic.twitter.com/BY7foKdPjY

— Arthur Hayes (@CryptoHayes) June 19, 2022

Quoting famous stock-picker and Berkshire Hathaway CEO Warren Buffet, Arthur Hayes also said that the crypto market is finding out who is not doing it. He said that the sharp fall in the market has exposed the weaknesses of many major companies in the crypto sector. Hess mentioned a number of other factors that will reveal the many risks that potentially exist in the days to come.

His remarks come at a time when the entire crypto sector, along with DeFi, is bearing the brunt of the rumors spread in the past. Last week, Hayes argued that Bitcoin is making a base at $20,000, while Ethereum is trying to limit losses to $1,000.

Significantly, the crypto market has been witnessing a boom since the last two days. From Bitcoin to Dogecoin, the prices of most cryptocurrencies have increased by double digits. Bitcoin fell to a 1.5-year low two days ago, ie on Saturday. The huge fall had taken investors’ breath away. But as the day progressed towards Sunday, the market started improving and this morning started strongly for the cryptocurrency.