Cryptocurrency Investor Arthur Hayes Issues Fresh Warning, Reveal Forced Selling Still a Threat to Bitcoin (BTC) and Ethereum (ETH)

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Former BitMEX CEO Arthur Hayes reveal “pockets of forced ” of Bitcoin () and Ethereum (ETH) could cause the cryptocurrency market to dip once more in the near future.

Hayes notes that Canada’s Purpose Bitcoin -traded fund (ETF) sold off a staggering 24,500 Bitcoin (BTC) on Friday.

“I’m not sure how they execute redemptions but that’s several physical Bitcoin to sell in a small time frame. Over the weekend, while the fiat rails are closed, Bitcoin has decreased to a low of $17,600 almost 20 percent from Friday on good volume. Smells like a forced triggered -on stops.”

Crypto Capitalist Arthur Hayes Issues Fresh Warning, Says Forced Selling Still a Threat to Bitcoin and Ethereum
Source: CryptoHayes/Twitter

Bitcoin is for $20,474 at time of writing. Hayes reveal quickly rallied on low volume after sellers dumped their .

“Given the poor state of of danger by digital currency lenders and over-generous lending terms, expect more pockets of forced selling of Bitcoin and ETH as the market figures out who is swimming naked.

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Is it over yet… I don’t know. On the other hand, for those skilled knife catchers, there may yet be additional to buy coin from those who needs whack every bid no matter the price.”

Hayes said in a recent blog post that he’s looking at a particular weekend when cryptocurrency could capitulate as panic sellers flood a bidless market.

“By June 30th (second quarter end), the Fed will have enacted a 75 basis point price hike and begun shrinking its balance sheet. July 4th falls on a Monday, and is a federal and banking holiday. This is the perfect setup for yet another mega cryptocurrency dump.”

In March, Hayes and fellow BitMEX co-founders Benjamin Delo and Samuel Reed pled guiltyto breaking a law that requires financial institutions to assist the government detect and counter schemes.

The United States Department of Justice (DOJ) alleged that the trio willfully failed to maintain anti-money laundering protocols and profited from the of US-based customers regardless of claiming that BitMEX did not serve individuals in the US.

Featured Image: Shutterstock/sakkmesterke/Sensvector/eth VECTORY_NT

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