{"id":602207,"date":"2024-04-09T15:00:47","date_gmt":"2024-04-09T15:00:47","guid":{"rendered":"https:\/\/wncen.com\/?p=602207"},"modified":"2024-06-11T08:08:23","modified_gmt":"2024-06-11T08:08:23","slug":"burgeoning-bitcoin-fire-sale","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/burgeoning-bitcoin-fire-sale\/","title":{"rendered":"Crypto Founder Warns Of Burgeoning Bitcoin Fire Sale, Here\u2019s What It Means"},"content":{"rendered":"

Authur Hayes<\/span><\/a>, the co-founder and former Chief Executive Officer (CEO) of cryptocurrency exchange and trading platform, <\/span>BitMEX<\/span><\/a> has released another blog post, predicting a major fire sale and a <\/span>potential price decline<\/span><\/a> for Bitcoin, the world\u2019s largest cryptocurrency.\u00a0<\/span><\/p>\n

Bitcoin Fire Sale Imminent<\/h2>\n

In his <\/span>blog post<\/span><\/a>, Hayes provided a detailed analysis, explaining his perspectives on how the Bitcoin halving event would adversely <\/span>affect the price of the cryptocurrency<\/span><\/a>.\u00a0<\/span><\/p>\n

Related Reading: Crypto Analyst Predicts Shiba Inu Price To Rise 5000% To $0.001 \u2013 Here\u2019s When<\/a><\/div>\n

The Bitcoin halving<\/span><\/a> is an occurrence that takes place every four years which reduces Bitcoin miner block rewards by half. This, in turn, decreases the amount of Bitcoin created and leads to an increase in the cryptocurrency\u2019s value.\u00a0<\/span><\/p>\n

While most analysts in the crypto market <\/span>anticipate a bullish rally for Bitcoin<\/span><\/a> and other altcoins during the halving event, Hayes holds a more contradictory view, suggesting that the halving period could instead initiate a more bearish action than expected.<\/span><\/p>\n

Hayes has acknowledged that the <\/span>price of Bitcoin<\/span><\/a> and other cryptocurrencies are likely to pump during the halving period, at least in the medium term.\u00a0 However, the BitMEX co-founder has also predicted that the price action of Bitcoin both before and after the halving event could <\/span>potentially turn negative.<\/span><\/a>\u00a0\u00a0<\/span><\/p>\n

He revealed that because the 2024 Bitcoin halving coincides with a period of diminished liquidity in the <\/span>United States Dollar (USD)<\/span><\/a>, it could potentially ignite a \u201craging fire sale for crypto assets.\u201d The crypto founder also foresees the price of Bitcoin and other cryptocurrencies <\/span>plummeting<\/span><\/a> around this time.\u00a0<\/span><\/p>\n

As a result, Hayes has advised the broader crypto community to refrain from trading cryptocurrencies during this period. He emphasized that when the majority of the market participants agree on a specific outcome, such as a rally induced by the Bitcoin halving, the market tends to move in the opposite direction.\u00a0<\/span><\/p>\n

Despite his captivating predictions, Hayes conceded that the crypto market could defy his <\/span>bearish forecasts<\/span><\/a>, essentially recognizing the speculative nature of his prediction.\u00a0<\/span><\/p>\n

Hayes Says April Is The Best Time To Short Sell<\/h2>\n

In his blog post, Hayes unveiled that the period from April 15 to May 1, 2024, would be precarious for risky assets in the financial sector. This is attributed to tax payments draining liquidity from the system and Quantitative Tightening (QT) accelerating during this timeframe.<\/span><\/p>\n

Related Reading: Expert Maps Out Timeline For The XRP Price To Cross $1,000<\/a><\/div>\n

The crypto founder has suggested that this period might potentially present a prime short position for traders, indicating that April could be the ideal month for <\/span>short selling<\/span><\/a>. He predicts that after May 1, the market will revert to its \u201cregular programming.\u201d<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price above $70,000 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from CNBC, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Authur Hayes, the co-founder and former Chief Executive Officer (CEO) of cryptocurrency exchange and trading platform, BitMEX has released another blog post, predicting a major fire sale and a potential price decline for Bitcoin, the world\u2019s largest cryptocurrency.\u00a0 Bitcoin Fire Sale Imminent In his blog post, Hayes provided a detailed analysis, explaining his perspectives on how the Bitcoin halving event would adversely affect the price of the cryptocurrency.\u00a0 Related Reading: Crypto Analyst Predicts Shiba Inu Price To Rise 5000% To $0.001 \u2013 Here\u2019s When The Bitcoin halving is an occurrence that takes place every four years which reduces Bitcoin miner block rewards by half. This, in turn, decreases the amount of Bitcoin created and leads to an increase in the cryptocurrency\u2019s value.\u00a0 While most analysts in the crypto market anticipate a bullish rally for Bitcoin and other altcoins during the halving event, Hayes holds a more contradictory view, suggesting that the halving period could instead initiate a more bearish action than expected. Hayes has acknowledged that the price of Bitcoin and other cryptocurrencies are likely to pump during the halving period, at least in the medium term.\u00a0 However, the BitMEX co-founder has also predicted that the price action of Bitcoin both before and after the halving event could potentially turn negative.\u00a0\u00a0 He revealed that because the 2024 Bitcoin halving coincides with a period of diminished liquidity in the United States Dollar (USD), it could potentially ignite a \u201craging fire sale for crypto assets.\u201d The crypto founder also foresees the price of Bitcoin and other cryptocurrencies plummeting around this time.\u00a0 As a result, Hayes has advised the broader crypto community to refrain from trading cryptocurrencies during this period. He emphasized that when the majority of the market participants agree on a specific outcome, such as a rally induced by the Bitcoin halving, the market tends to move in the opposite direction.\u00a0 Despite his captivating predictions, Hayes conceded that the crypto market could defy his bearish forecasts, essentially recognizing the speculative nature of his prediction.\u00a0 Hayes Says April Is The Best Time To Short Sell In his blog post, Hayes unveiled that the period from April 15 to May 1, 2024, would be precarious for risky assets in the financial sector. This is attributed to tax payments draining liquidity from the system and Quantitative Tightening (QT) accelerating during this timeframe. Related Reading: Expert Maps Out Timeline For The XRP Price To Cross $1,000 The crypto founder has suggested that this period might potentially present a prime short position for traders, indicating that April could be the ideal month for short selling. He predicts that after May 1, the market will revert to its \u201cregular programming.\u201d BTC price above $70,000 | Source: BTCUSD on Tradingview.com Featured image from CNBC, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":602223,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,1119,89185,1122,1144,78790],"class_list":["post-602207","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nCrypto Founder Warns Of Burgeoning Bitcoin Fire Sale, Here\u2019s What It Means<\/title>\n<meta name=\"description\" content=\"Authur Hayes, the co-founder BitMEX, has released another blog post, 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Crypto Founder Warns Of Burgeoning Bitcoin Fire Sale, Here\u2019s What It Means","url":"http:\/\/wncen.com\/news\/burgeoning-bitcoin-fire-sale\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/burgeoning-bitcoin-fire-sale\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/Bitcoin_2783e2.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/Bitcoin_2783e2.jpeg?fit=929%2C523"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt"],"dateCreated":"2024-04-09T15:00:47Z","datePublished":"2024-04-09T15:00:47Z","dateModified":"2024-06-11T08:08:23Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Crypto Founder Warns Of Burgeoning Bitcoin Fire Sale, Here\\u2019s What It Means\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/burgeoning-bitcoin-fire-sale\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/burgeoning-bitcoin-fire-sale\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/Bitcoin_2783e2.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/Bitcoin_2783e2.jpeg?fit=929%2C523\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2024-04-09T15:00:47Z\",\"datePublished\":\"2024-04-09T15:00:47Z\",\"dateModified\":\"2024-06-11T08:08:23Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/Bitcoin_2783e2.jpeg?fit=929%2C523","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/602207"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=602207"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/602207\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/602223"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=602207"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=602207"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=602207"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}