{"id":51586,"date":"2024-09-07T01:40:00","date_gmt":"2024-09-07T01:40:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/crypto-extreme-fear-bitcoin-under-50k-target-arthur-hayes"},"modified":"2024-09-07T04:41:30","modified_gmt":"2024-09-07T04:41:30","slug":"crypto-in-extreme-fear-as-arthur-hayes-tips-sub-50k-bitcoin-weekend","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51586","title":{"rendered":"Crypto in \u2018extreme fear\u2019 as Arthur Hayes tips \u2018sub $50K\u2019 Bitcoin weekend"},"content":{"rendered":"

Crypto market sentiment has fallen back into \u201cextreme fear\u201d as Bitcoin briefly fell below $56,000, while BitMEX co-founder Arthur Hayes predicts it could sink at another 12% to fall under $50,000 over the weekend.<\/p>\n

The Crypto Fear & Greed Index \u2014 which measures market sentiment and trends to give a total possible score of 100 \u2014 hit a score of 22 on Sept. 6, showing \u201cextreme fear,\u201d a seven-point drop from the day prior that pinned sentiment at \u201cfear.\u201d<\/p>\n

It\u2019s the lowest score and price since the index hit 20 on Aug. 8 and the first time it has re-entered the \u201cextreme fear\u201d zone since Aug. 12, when the index hit 25.<\/p>\n

\"\"
Crypto market sentiment has seen large swings between fearful and greedy since June. Source: alternative.me<\/em><\/p>\n<\/figcaption><\/figure>\n

Bitcoin (BTC) is down 2.7% in the past 24 hours and a low of $55,838 after a fall from above $58,000, wiping $29.7 billion from its market capitalization, according to Cointelegraph Markets Pro.<\/p>\n

It has since slightly recovered from its low to trade at $56,533.<\/p>\n

\u201cBTC is heavy,\u201d Hayes, the former boss of crypto exchange BitMEX, said in a Sept. 6 X post. \u201cI\u2019m gunning for sub $50k this weekend. I took a cheeky short.\u201d<\/p>\n

\"\"
Source: <\/em>Arthur Hayes<\/em><\/p>\n<\/figcaption><\/figure>\n

Meanwhile, Bitcoin has been struggling to gain momentum amid worries of a sluggish United States economy.<\/p>\n

\"\"
Bitcoin has fallen over the past day to trade just above $56,000. Source: Cointelegraph Markets Pro<\/em><\/p>\n<\/figcaption><\/figure>\n

US jobs data released on Sept. 5 fell short of economist expectations and has raised further concern about an expected Federal Reserve interest rate cut.<\/p>\n

Related: <\/strong><\/em>Bitcoin transactions dive 30% in 6 months amid BTC price \u2018disinterest\u2019<\/strong><\/em><\/p>\n

Bitcoin\u2019s 24-hour price dive dragged down the price of other major cryptocurrencies on the day, with Ether (ETH) falling 2.23%, Solana (SOL) dropping 2.82%, and XRP (XRP) seeing a 2.19% slump.<\/p>\n

The across-the-board price dives led to $94.26 million in liquidations in the last day, led by those betting Bitcoin\u2019s price would rise, CoinGlass data shows.<\/p>\n

\"\"
Bitcoin and Ether long bets accounted for over half of the liquidations in the past day. Source: CoinGlass<\/em><\/p>\n<\/figcaption><\/figure>\n

Just over $71 million worth of long bets in total were liquidated, including $36.71 million Bitcoin longs \u2014 accounting for nearly 40% of the day\u2019s liquidations \u2014 followed by $17.36 million in liquidated ETH long bets.<\/p>\n

Magazine: <\/strong><\/em>How to protect your crypto in a volatile market \u2014 Bitcoin OGs and experts weigh in<\/strong><\/em><\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Crypto market sentiment has fallen back into \u201cextreme fear\u201d as Bitcoin briefly fell below $56,000, while BitMEX co-founder Arthur Hayes predicts it could sink at another 12% to fall under $50,000 over the weekend. The … Crypto in \u2018extreme fear\u2019 as Arthur Hayes tips \u2018sub $50K\u2019 Bitcoin weekend<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51590,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3544,3812,5652,10,159,97],"class_list":["post-51586","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-bitcoin-news","tag-cryptonews","tag-emilynews","tag-hyip","tag-hyipnews","tag-hyips","exalt-entry"],"yoast_head":"\nCrypto in \u2018extreme fear\u2019 as Arthur Hayes tips \u2018sub $50K\u2019 Bitcoin weekend - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=51586\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto in \u2018extreme fear\u2019 as Arthur Hayes tips \u2018sub $50K\u2019 Bitcoin weekend - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Crypto market sentiment has fallen back into \u201cextreme fear\u201d as Bitcoin briefly fell below $56,000, while BitMEX co-founder Arthur Hayes predicts it could sink at another 12% to fall under $50,000 over the weekend. 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