After a record-breaking decline, former BitMEX CEO – Arthur Hayes – gave another grim view on the direction of crypto on Twitter, saying that the current recovery may be short-lived and that Forced sales of collateral could cause the entire market to crash further.
former executive predictThe possibility of a serious crypto sell-off in the near term. After observing the forced sale of the Canadian Purpose Bitcoin ETF’s 24,500 BTC collateral on Friday. which accounts for nearly half of all holdings.
It also talks about crypto lending platforms and points out strategies. The former BitMEX CEO said he expected more forced sales of Bitcoin (BTC) and Ethereum (ETH) collateral.
His comments come at a time when DeFi and the crypto sector are grappling with rumors of three Arrow Capital (3AC) and Celsius collateral sales.
The post, the former CEO of BitMEX, believes that the pain of the Crypto market is not over yet appeared first on Bitcoin Addict.