The price of bitcoin is plummeting! Arthur Hayes makes a bold prediction about the price of bitcoin

On his Twitter account, Arthur Hayes, the co-founder of BitMEX, hinted that the price of bitcoin could fall to the $10,000 level with a GIF video that mocks the free fall of the bitcoin price since the last few days.

Arthur Hayes’ tweet comes just after the announcement of FTX’s collapse, which has further impacted a number of crypto-currency companies in the industry.

Arthur’s $15,000 bet

Last week, the former BitMEX CEO had taken to Twitter to announce that he had purchased bitcoin put options with a strike price of $15,000 with an expiration date of March 2023. The tweet came as bitcoin fell to nearly $19,244 on the Bitstamp exchange following the FTX outbreak.

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The market will rebound in the long run

Not long before, Arthur Hayes also stated that he is quite optimistic about crypto-currencies for 2023. However, he believes that digital assets will first fall to new lows, creating panic in the market, before claiming new highs.

According to Arthur Hayes, the lack of a central bank or other organization that could stop the bleeding is a huge benefit to the industry, as it will allow the crypto-currency markets to effectively reset and finally recover.

Comparing the recent FTX fiasco to the 2008 stock market crash, Arthur Hayes also stated,

“FTX wasn’t the first high-profile exchange to fail and it won’t be the last. But all the while, the blocks on Bitcoin, Ethereum and all the other blockchains were still being produced and verified. Decentralized currency and finance have and will continue to survive and thrive in the face of failures by centralized entities.”

Arthur Hayes is not without controversy of his own. In March, former BitMEX CEO Benjamin Delo and another executive admitted to violating the Bank Secrecy Act by deliberately failing to implement anti-money laundering procedures.

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Subsequently, a judge ordered Arthur Hayes to serve two years of probation and six months of house arrest, plus a $10 million fine.

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