Prices of BitcoinBTC and cryptocurrencies – including top 10 coins such as Ethereum, XRPXRP and Solana – have fallen sharply despite a massive $10 trillion bet on the price of Bitcoin.
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The price of Bitcoin has fallen almost 10% in the past 24 hours, impacting the price of Ethereum, XRP, Solana and other top 10 coins, wiping out about $100 billion from the combined cryptocurrency market after the Bitcoin Spot Trading Fund (ETF). leap.
Before Bitcoin prices collapsed, legendary Bitcoin and cryptocurrency trader Arthur Hayes warned that the Federal Reserve could be on the verge of triggering a 30% Bitcoin price collapse – predicting a “ferocious collapse” in the coming months.
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“I'm preparing for a ferocious purge of all crypto tourists this March,” Hayes, chief investment officer at family office Maelstrom and former CEO of leading bitcoin derivatives exchange BitMex, wrote in a blog post.
“I've been loading up on cryptocurrencies in the second half of 2023, and I think now through April it's a no-go zone trading in terms of adding risk.”
Bitcoin's price could collapse by 20% to 30%, according to Hayes, due to “the rug being pulled out of dollar liquidity.” However, he said he expects the price of Bitcoin to rebound quickly due to the Fed restarting the money printer.
“Bitcoin will initially decline sharply with the broader financial markets, but will rebound before the Fed meeting,” Hayes said. “This is because Bitcoin is the only neutral reserve hard currency that does not pose a liability to the banking system and is traded globally.”
The 2022 bitcoin price collapse, which wiped out $2 trillion from the bitcoin, ethereum, .
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However, the price of Bitcoin has rebounded sharply in 2023, with a Wall Street bid led by BlackRockBLK to bring a spot Bitcoin ETF to market nearing its peak this week, with the US Securities and Exchange Commission (SEC) waving a slew of funds. during.
“Approval of spot bitcoin ETFs is still a 'sell-news' event, but we believe it will be very shallow in the near term,” said CK Zheng, chief investment officer at cryptocurrency hedge fund ZX Squared Capital. “If there are any material pullbacks in the price of Bitcoin in the short term, we believe it will be a great opportunity to add significantly more long positions.”
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