Especially once the world’s infrastructure was the strongest. cryptocurrency Arthur Hayes, former boss of BitMEX, one of the stock exchanges, in his new blog post of bitcoin analyzed his general condition.
The former CEO first listed the three most important factors that create selling pressure in BTC as follows:
- Cryptocurrency miners
- Crypto-based lending and trading firms
- Ordinary speculators
Emphasizing that the decline has been going on for a year, Hayes explained that he thinks the sale of miner and crypto companies is now over. The crypto phenomenon bases this thesis on two important foundations.
“We got used to the story of an increase in interest rates”
According to Arthur Hayes, the rise in the US short-term bond yield from 0% to 5% due to rate hikes has caused large investors to park their money in the dollar. While it was unclear where the interest rates will rise at first, investors are more open today.
“The Effects of FTX Shock”
The former stock market boss reiterated that the collapse of FTX and Alamenda last month shocked the industry. Hayes pointed out that the temperature of the event is decreasing day by day.
According to the CEO, centralized crypto lending platforms are now having a difficult time lending as they are experiencing resource shortages. Thus, the liquidity of Bitcoin decreases.
Latest Status in Bitcoin
The leading cryptocurrency is trading lightly today, after rising 2% yesterday.
BTCas of the date of writing $17,150 trades around.
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