BitMEX CEO: “I don’t believe we will revisit $3,000”

• The global stock markets have seen massive crashes over the past 24 hours and this includes cryptocurrency. 
• Arthur Hayes has said that the leading cryptocurrency could suffer further losses from the markets plunge taking place everywhere.

The global stock markets have seen massive crashes over the past 24 hours and this includes cryptocurrency. The coronavirus seems to be the catalyst for such a crash and as the outbreak gets worse, so do stocks. Publicly listed crypto companies are experiencing serious losses over the past 24 hours which will more than likely have been hell on Earth for many owners of these firms.

However, there seems to be some light in the dark. Even though the markets have seen significant crashes over the past day, the CEO of the BitMEX platform has both good and bad news. Arthur Hayes has said that the leading cryptocurrency could suffer further losses from the markets plunge taking place everywhere.

In a recently published segment from BitMEX Crypto Trader Digest, Hayes said that the flagship cryptocurrency could hit levels of around $6000. 

He has further said:

“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”.

Currently trading above the $5000 mark it’s hard to take Hayes words seriously. 25% of the leading cryptocurrencies value has been lost over the past 24 hours including the Ethereum price which currently sits at $130.35. The trajectory for bitcoin is leaving many investors and traders cautious about the future and the next few days.

The CEO did mention that panic dumping is going to increase significantly due to the crash in the crypto markets. He said that hedge funds will start to receive a lot of distress calls from many scared customers with the panic and the dumping driving prices even lower than they currently stand.

It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!