Arthur Hayes explained the bitcoin rate fall to local low
The former head of BitMEX attributed the decline in the price of the asset to increased selling pressure amid the withdrawal of 24 500 BTC to the market by the investment company Purpose
21.06.2022 - 15:45
320
2 min
0
What’s new? The co-founder and former head of the cryptocurrency exchange BitMEX, Arthur Hayes, shared his assumption as to what may have influenced bitcoin to fall to a local low of $17 600 on June 18. He noted that by the close of the trading session on June 17, the bitcoin-ETF of investment firm Purpose brought 24 500 BTC to the exchange, leading to increased selling pressure. That, Hayes said, could have led to the launch of stop-loss orders, which automatically sell assets when quotations fall to a certain level.
Beware of the forced seller ...An interesting stat someone pointed out to me.— Arthur Hayes (@CryptoHayes) June 19, 2022
What else does Hayes say? He explained that over the weekend, as the fiat exchanges closed, the price of the first cryptocurrency fell to a low of $17 600 with high trading volume, almost 20% compared to Friday. Hayes suggested that “a forced seller triggered a run on stops,” instructions to open positions when the asset rises to a certain point. He added that BTC quickly regained a key support level of $20 000 after closing most selling positions.
“Given the poor state of risk management by cryptocurrency lenders and over generous lending terms, expect more pockets of forced selling of BTC and ETH,” — Hayes wrote.
In mid-June, Hayes named critical support levels for bitcoin and Ethereum exchange rates. In his opinion, these are the $20 000 and $1 000 marks, respectively. Hayes believes that after these levels are broken through, we can expect massive sell pressure in the spot markets as dealers hedge their bets.
Useful material?
Telegram 
Twitter Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$97 248
BTC
+0.25%
-
Ethereum
$3 284.94
ETH
-1.7%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.42
XRP
+26.22%
-
Dogecoin
$0.394535
DOGE
+1.96%
-
Cardano
$0.892879
ADA
+13.28%
-
Bitcoin Cash
$473.9
BCH
-2.75%
-
Stellar XLM
$0.296893
XLM
+22.57%
-
Polkadot
$6.11
DOT
+4.5%
-
Litecoin
$88.49
LTC
-1.01%