BitMEX CEO: the fall of the market could last another 18 months

The head of the largest Bitcoin derivatives trading platform BitMEX Arthur Hayes expressed the opinion that the "bearish" trend in the cryptocurrency market may last another 18 months.

"My view is the volatility environment that exists right now could persist for another 12 to 18 months, the flatness. I am just basing it off my previous experience. 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," he said.

Previously, Arthur Hayes worked as a trader at Deutsche Bank and Citi, and then in 2014 he founded BitMEX. The platform, registered in the Seychelles, allows users to trade Bitcoin derivatives - for example, futures.

It is noteworthy that back in June, Arthur Hayes believed that by the end of the year the price of Bitcoin would soar to $ 50,000. He stressed that the cryptocurrency market is a "retail phenomenon," since the concentration of institutional investors in this area is extremely low. According to the head of BitMEX, two-thirds of the total trading volume creates the Asian market.

However, not everyone shares his point of view. Therefore, the co-founder of the decentralized exchange 0x, Will Warren believes that the industry is simply "dropping steam" and the market will soon go up.

"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."

The former banker Barclays and Goldman, the head of the HACERA startup Jonathan Levi, also expressed his point of view:

"The price of bitcoin is undoubtedly in a bear market, but in the application of bitcoin and other blockchain projects we are in fact in a bull market," Levi said. "Most of the EU banks are actively investing in blockchain, and that all originally stems from Bitcoin."

It is also worth noting that despite a significant drop in trading volume on the BitMEX exchange, the daily turnover of funds on the site exceeds $ 1 billion, and this year there was a period when trading volume reached $ 8.5 billion.

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