BitMEX co-founder Arthur Hayes predicts Bitcoin (BTC) will hit $50,000.

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  • Arthur Hayes predicts that market turmoil might ship Bitcoin (BTC) falling under $50,000.
  • The drop in Bitcoin's worth led to liquidations of $36.71 million.
  • The Crypto Worry and Greed Index is exhibiting “excessive concern,” reflecting rising anxiousness available in the market.

The cryptocurrency market has been full of uncertainty lately, inflicting Bitcoin costs to fall considerably.

Bitcoin has fallen to a low of $55,711.26 after dropping under $57,000 on September 5, resulting in a pointy decline in market sentiment. The drop has pushed the Crypto Worry and Greed Index again into the “excessive concern” zone of twenty-two, a big drop from the day past’s “concern” rating of 29.

Arthur Hayes, co-founder of cryptocurrency trade BitMEX, shared his ideas on the present market state of affairs, predicting an additional drop in Bitcoin worth in a publish on X, suggesting it might drop under $50,000 by the weekend.

Hayes' prediction comes amid a broader market downturn and rising considerations in regards to the U.S. financial system.

Over 36 million Bitcoin lengthy positions liquidated

The latest sell-off has worn out roughly $29.7 billion from Bitcoin's market capitalization. The worth drop led to the liquidation of $36.71 million value of lengthy positions, accounting for roughly 40% of the cryptocurrency's liquidations right now, in keeping with knowledge from CoinGlass.

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Bitcoin's drop in worth had a ripple impact throughout the cryptocurrency market, as different main cryptocurrencies additionally fell, with Ethereum (ETH) down 2.23%, Solana (SOL) down 2.82%, and Ripple (XRP) down 2.19%.

This widespread sell-off has led to over $94.26 million in liquidations prior to now 24 hours, with lengthy positions in Bitcoin and Ethereum making up greater than half of those liquidations.

The present crypto market volatility is because of a confluence of broader macroeconomic components, notably the latest weaker than anticipated U.S. employment report and rising considerations over doable rate of interest cuts by the Federal Reserve, which have led to elevated market uncertainty.

As Bitcoin weathers these tough seas, consideration will probably be targeted on whether or not Hayes’ prediction comes true and the way broader market sentiment shifts in response to ongoing financial alerts.

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