Bitcoin dips below $56K, with market sentiment in "extreme fear" and Arthur Hayes predicting a further drop under $50K. Could this be another volatile crypto weekend?
As Bitcoin's price slipped below $56,000, the crypto market sentiment shifted into “extreme fear,” BitMEX co-founder Arthur Hayes predicted a further decline to under $50,000 this weekend. Amid concerns over the U.S. economy and weaker-than-expected jobs data, the market faces heightened uncertainty.
Key Points:
Market Sentiment: The Crypto Fear & Greed Index dropped to 22, indicating "extreme fear," as Bitcoin fell below $56,000 for the first time since mid-August.
Arthur Hayes Prediction: Hayes predicts Bitcoin will sink another 12%, potentially dropping below $50,000 over the weekend.
Market-wide Declines: Bitcoin's slump triggered sell-offs across other major cryptos, including Ether and Solana, contributing to $94.26 million in liquidations within 24 hours.
US Economic Concerns: Disappointing U.S. jobs data has raised concerns about the economy and the Federal Reserve's next steps, adding further pressure to Bitcoin’s performance.
With market sentiment in “extreme fear” and Bitcoin teetering on the edge of a major price drop, all eyes are on the weekend. Arthur Hayes' prediction of a sub-$50K Bitcoin plunge could spell further volatility for the crypto market, leaving investors bracing for a bumpy ride.
Source: Cointelegraph
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