By Scott Galbraith
The former CEO of BitMEX thinks Bitcoin has hit its bottom. The main part of careless companies, according to the former CEO of BitMEX Arthur Hayes, have run out of Bitcoin to sell, so the price of BTC may have fallen to its lowest level.
The opinion of the market analyst
According to the former Chief executive officer of the marketplace for crypto-related stock, the worst may have happened to Bitcoin because no more there are enough tokens that can be offered for trading by the biggest and most unreliable corporations
S. Melker of the podcast Looking Ahead stated in an interview on December 11th that there have been enormous Bitcoin sales.
Hayes clarifies his position by stating that centered loaning institutions often use the lends ahead of trading them when they are experiencing finance-related troubles. BTC serves as the reserve asset of cryptocurrency and is the purest asset and the most liquid.
A similar argument was made by Hayes in a media post that was produced on the 10th of December this year.
The analyst claimed that large trading deals of BTC are yet to take place on trading platforms as a result of the crypto winter, with exchanging commercial enterprises and corporations both trying to stay afloat by selling their holdings.
He claims that as a result, BTC value drops right before the corporation’s file for insolvency, as that is the key move.
Although Arthur was incapable of showing that each BTC possessed by the bankrupt company was sold during the crash, he made all attempts to trade the most worthy crypto collateral before it filed for bankruptcy.
The crypto has entered its winter
The second quarter of 2022 will see a loss of about 58 percent of the prices of BTC, which has likewise been impacted by mining activity, and a loss of about $1.2 trillion in the market for all cryptocurrencies.
In light of the significant losses suffered by institutional and retail investors, regulators are closely monitoring the situation, and cryptocurrency regulations are becoming more stringent globally, particularly in the United States.
Those who are seasoned players in the traditional financial markets are better suited for this strategy.