Bitcoin’s price has fallen to a worrying level, dropping below $56,000. Arthur Hayes, co-founder of BitMEX, warns it could drop even more, possibly hitting $50,000 this weekend, which would be another 12% decrease.
The Crypto Fear & Greed Index, which measures market feelings from 0 to 100, dropped to 22 on September 6, showing “extreme fear.” This is the lowest level since August 8, when it hit 20. It’s the first time it has reached “extreme fear” since August 12.
Arthur Hayes shared negative feedback on Bitcoin
Arthur Hayes shared his negative view on X, saying, “$BTC is dropping. I’m aiming for below $50k this weekend. I took a risky short. Pray for me, I’m a gambler.” His prediction comes as worries grow about the slowing U.S. economy and poor jobs data, which have hurt market confidence.
In the last 24 hours, Bitcoin dropped 2.7%, falling to $55,838 before rising a bit to $56,585. This drop reduced Bitcoin’s market cap by $29.7 billion, according to CoinMarketCap.
Other major cryptocurrencies also lost value. Ether fell 2.23%, Solana dropped 2.82%, and XRP decreased by 2.19%. This led to $94.26 million in liquidations, with $36.71 million in Bitcoin longs and $17.36 million in Ethereum longs.
Bitcoin’s price drop has caused extreme fear in the market. People think it might fall to $50,000 this weekend. This shows that investors are very worried and unsure.
