Arthur Hayes, the founder of Bitmex exchange, talked about the cryptocurrency market.
Arthur Hayes, the founder of the Bitmex exchange, which previously predicted the collapse of Bitcoin and Ethereum, published a series of tweets about the collapse that shook the markets yesterday. Saying it’s one of the worst days for traders, Hayes suggested looking at listed and unlisted option flows in such situations. Most open positions are currently at $20,000 for BTC and $1,000 for ETH, which according to him represents a significant support level for OI.
Therefore, Hayes believes that $20,000 for BTC and $1,000 for ETH are key support levels. Because these prevent the market from being attacked by huge selling pressure. If put options approach the strike price, dealers will have to sell their spot holdings, which will put pressure on the spot BTC market.
Hayes also claimed that in a scenario where these levels don’t hold, things will get worse and there will be crashes of the kind where we might want to shut down computers. Hayes also said, “Pray for the $20,000 level.”
https://twitter.com/CryptoHayes/status/1536532060667789312?s=20&t=dryU3Cqra2oj4UOAixO9cg
As it is known, Bitcoin declined to $ 20,800 in the early hours of the day. After recovering a bit, Bitcoin is trading at $ 22,300 at the time of publication.
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