Arthur Hayes announces that bitcoin has reached its lowest point

Former BitMEX crypto exchange CEO Arthur Hayes said in a podcast by YouTube blogger Scott Melker that bitcoin has reached its current low because «all the irresponsible organizations have run out of BTC to sell.» Hayes explained that in case of financial difficulties, centralized companies usually first take out cryptocurrency loans and then sell bitcoin as a backup liquid asset. «If you look at the balance sheet of any of these 'heroes' (bankrupt crypto companies — ed.), you won’t see BTC there. They sold it before they went bankrupt,» the analyst said.

Hayes also made a similar argument in his blog, where the former BitMEX CEO explained the reasons for the first cryptocurrency’s fall even before the bankruptcy of centralized credit companies. However, Hayes believes that the period of liquidations of major cryptocurrency market players is over. «If you had to sell a large volume of cryptocurrency, you would have already done so. There is no reason to hold back if you need fiat to stay afloat,» Hayes wrote.

Let’s try this again.

In «PEMDAS» I argue that $BTC has bottomed, and then talk about what type of #crypto's I will hold while waiting for the money printer to go brrr once more.https://t.co/JNAQ7VK0Ec pic.twitter.com/IV4Td1UTda

— Arthur Hayes (@CryptoHayes) December 9, 2022

Market experts believe that the digital asset industry expects a partial recovery in 2023 amid the next meeting of the US Federal Reserve. On December 13, the Consumer Price Index (CPI) data will be published. Analysts predict that the regulator may raise the refinancing rate, which will significantly affect the dynamics of the flagship cryptocurrency. If the CPI data is high, it will put additional pressure on bitcoin.

As a reminder, in November, Hayes spoke negatively about state-owned stablecoins, saying that the national cryptocurrency is «a real evil.» The BitMEX exec is convinced that state-owned digital assets pose a danger not only to ordinary citizens but also to commercial banks, as they can become an unnecessary intermediary between people and central banks. The expert also predicted that the Cryptocurrency will fall to $ 10,000.