Today has been one of the worst for the crypto market as it has turned into a blood bath for Bitcoin and altcoins too. The flagship cryptocurrency has demonstrated a heavy plummet, falling from the $7,400 area to as low as $6,000.
So far, Bitcoin is managing to hold here. The CEO of major crypto exchange BitMEX made a bullish prediction, expecting BTC not to fall to $3,000. Meanwhile, on BitMEX, one or several crypto whales have liquidated almost $700 mln in long positions on Bitcoin.
‘Holy Liquidation’ on BitMEX
The CEO of the analytical Messary agency, Ryan Selkis, has taken to Twitter to share the news that a liquidation of nearly $700 mln longs in Bitcoin was recently performed. This was a reaction to the sudden fall of the Bitcoin price.
Holy liquidation.— Ryan Selkis (@twobitidiot) March 12, 2020
$665 million longs liquidated on BitMEX!!! pic.twitter.com/Em5hghkn2R
About two weeks ago, as the price of Bitcoin dropped to $8,600, a large BTC liquidation on BitMEX also took place. At that time, round $150 mln worth of Bitcoin was sold.
Bitcoin will not be revisiting $3,000: Arthur Hayes
Earlier today, the CEO of BitMEX, Arthur Hayes, shared a link to his article in the BitMEX Crypto Trader Digest, where he expressed his take on the current situation, particularly on Bitcoin.
In it, Hayes does not believe that BTC will return to $3,000 and is of the opinion that the price drop will stop somewhere between the $6,000 and $7,000 levels.
However, he apparently wrote that before Bitcoin lost over $1,000 in a couple of hours and dropped to $6,000.
Great insights from @CryptoHayes. pic.twitter.com/H4AHt5xNYl— WhalePanda (@WhalePanda) March 12, 2020
“The fear and uncertainty facing humanity is enough to inspire a global margin call. Bitcoin will not escape. While I don’t believe we will revisit $3,000, max pain probably resides somewhere between $6,000 to $7,000 Bitcoin. Any crypto hedge fund that allows quarterly or less liquidity will be getting distress calls. They will be dumping coins into a falling market. That will push the price lower on the margin.”