BitMEX CEO Arthur Hayes says, “Winter Ain’t Over Yet” as Crypto Traders Weigh in on Twitter
BitMEX CEO, Arthur Hayes isn’t new to predicting prolonged crypto winters or a depressing Bitcoin call. This time, Hayes didn’t outrightly made a call for Bitcoin market but the crypto community couldn’t help but speculate if we are soon going to take a hit.
Arthur might have used just four words, “Winter ain’t over yet” but it is enough to get the crypto community going.
Winter ain’t over yet. pic.twitter.com/t0bYQv570e
— Arthur Hayes (@CryptoHayes) February 28, 2019
Arthur Hayes – "Winter ain't over yet"
Me – Immediately slides all positions to stablecoins, opens altcoin shorts, prepares for $2500 bitcoin
— moon (@MoonOverlord) February 28, 2019
@@Crypto_Krill, “He's trolling you dude.”
@AshishS17228231, “He is trying to give us signal, he is on the mountain which mean btc is on the mountain, winter mean drop soon.”
@CounterTrade_Me, “What Mr Bitmex is trying to tell us is that the Crypto Winter is not over yet and that we are about to go downhill fast.”
BitMEX is a derivatives exchange that currently accounts for more than 11 percent of Bitcoin trading share. In the past 24-hours, it has managed the daily trading volume of $1 billion in Bitcoin. According to the data provided by Coinmarketcap, Bitcoin is trading at the lowest on the BitMEX at $3,810, in comparison to other exchanges, at press time.
In early November, Hayes said, “A 75% fall from $9,152 takes us close to $2,000. $2,000 to $3,000 is my new sweet spot.” In mid-December, Bitcoin fell down to $3,200 level, its yearly lowest, down about 84 percent from its all-time high.
Just a couple of days before that, Hayes had predicted that the market would remain in control of bears for another 18 months. However, he was also the one that projected Bitcoin to reach $50,000 by the end of 2018 as he had said,
“We could definitely find a bottom in the $3,000 to $5,000 range. But we’re one positive regulatory decision away, [maybe] an ETF approved by the SEC, to climbing through $20,000 and even to $50,000 by the end of the year.”
Just yesterday we reported how the liquidation of $41 million on BitMEX could have been led to Bitcoin price’s $100 drop from $3,900.
Recently, it has also been reported on the company's blog that BitMEX notional annual trading volume is around $1 trillion.
“The BitMEX insurance fund currently sits at around 21,000 Bitcoin or around US$70 million based on current Bitcoin spot prices. This represents only 0.007% of BitMEX’s notional annual trading volume, of around one trillion USD. Although this is slightly higher than CME’s insurance funds as a proportion of trading volume, winning traders on BitMEX are exposed to much larger risks than CME traders.”
BitMEX has also, most recently changed its terms of services, that can be found here. Soon after the rumours of BitMex selling customer data third parties spread. In response, the crypto asset derivatives exchange stressed in a statement that “it does not, sell, trade, or offer customer data to third parties.”