Bitcoin [BTC], the biggest cryptocurrency in the market, has been seeing a constant red in the market for the past few months. This has left the investors frustrated as it usually sprinkles green in the market every now and then. However, the CEO of BitMEX, Arthur Hayes seems to have given up hope on the bull regaining its position in the market anytime soon.
Arthur Hayes, who was optimistic that Bitcoin would reach $50,000 at the end of 2018, has predicted that the market will remain in the bear’s refuge for 18 more months. The CEO told Yahoo Finance:
“My view is the volatility environment that exists right now could persist for another 12 to 18 months, the flatness.”
He further added that this prediction is based on his previous experience. He said:
“I started in Bitcoin in 2013 when the price went from $250 to $1,300 and then 2014 to 2015 was sort of the nuclear bear market. Price crashed, volume crashed – very, very difficult to make money.”
Hayes also spoke about the current low-volume of the cryptocurrency market. He said that despite this, BitMEX, the biggest Bitcoin derivates platform in the world, continues to see $1 billion daily trades on contract. Hayes added that the company is “well positioned” to face the low volatility of the market.
He spoke about the current layoffs in exchanges and OTC platforms. He said:
“There are some reports of other OTC dealers and exchange letting go of employees because obviously volumes have fallen and they hired aggressively.”
The CEO further said that their expansion plans continue to remain the same and that they have the resources to hire people in various departments for the organization.
Mati Greenspan, an analyst at eToro, and Will Warren, co-founder of 0x, a decentralized cryptocurrency exchange, also opined about Bitcoin’s price, in an interview with Yahoo Finance.
Mati Greenspan said that the bull is going to hit the market soon as the awareness of Bitcoin and other cryptocurrencies has “skyrocketed”.
Will Warren said:
“Having followed this space since 2011, we’ve seen a number of different cycles were a large number of people start to get interested in the technology and it kind of winds up and then winds down again. The market is blowing off some steam right now. I think the market is probably going through some healthy consolidation but I do believe the long-term trend will be greater adoption of Bitcoin and similar technologies.”
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