Home Cryptocurrency BitMEX's Arthur Hayes Predicts Bitcoin To Nosedive Amid Chinese New Year

BitMEX’s Arthur Hayes Predicts Bitcoin To Nosedive Amid Chinese New Year

BitMEX's Arthur Hayes Predicts Bitcoin To Nosedive Amid Chinese New Year

  • BitMEX’s Arthur Hayes claims Bitcoin to take a considerable leap downwards this year.
  • The crypto market always seems to be very dramatic at any year start, still showing skeptic results to optimistic minds.
  • The large scale spending of Bitcoins during this new year would feed the bears, and the market volume of bitcoin would eventually tumble down.

Among the optimistic clouds surrounded in Bitcoin enthusiasts for its breakthrough to reach higher trading price against USD, Arthur Hayes, the CEO of BitMEX, claims Bitcoin to take a considerable leap downwards this year.

He has predicted this Bitcoin’s possible future behaviour based on the recent trend of trading volumes in the digital asset class. He has predicted that both Bitcoin’s price as in volatility and market volume to tumble down. 

As carefully observed, the crypto market always seems to be very dramatic at any year start, still showing skeptic results to optimistic minds. In an average rate, Bitcoin ever has climbed down by 5% in January every year.

As the most respected coin in the crypto world, Bitcoin’s origin can be assumed to be from east Asia as the name of the creator says, then it would be no surprise if a large proportion of people in these countries own a large share of bitcoins.

The main note to be said here is with the upcoming Chinese New Year, many people in the Chinese community would by presents and spend a lot with their investments.

The large scale spending of Bitcoins during this new year would feed the bears, and the market volume of bitcoin would eventually tumble down.

Alex Kruger shared this concern on his twitter handle; he expressed the same idea why Bitcoin will lose grounds with the upcoming Chinese New Year.

However, is interests are less comparatively now as he said that the Bitcoin is holding a stable position.  

Bitcoin is now currently trading at $8,331.03 USD against the Dollar with a market cap of $151,457,668,694 USD with 24 hour moving volume of $25,393,666,904 USD.

The average moving of Bitcoin currently paced at -2.75% and the bears holding the run. The trade-in the previous 24 hours has seen a decrease of about -3.16% in figures of $-274.13. The Upcoming Bitcoin halving might change the fate of Bitcoin. 

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

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