Date: 2 months ago   Category: Economy

The bear market of bitcoin can continue 18 more months: CEO of BitMEX


The price of bitcoin and the trading volume can continue to fall, and the current market will probably last 18 more months. It is sober assessment of Arthur Hayes, CEO trade bitcoin exchange of BitMEX, the world's largest trading platform of derivatives of bitcoin. My point of view is that the environment of volatility which exists at the moment can remain 12-18 more months. I just see it, considering the previous experience, - Hayes for Yahoo Finance has told.

Hayes for the first time was engaged in trading of cryptocurrencies in 2013 after loss of work of the dealer in actions in Citibank. The head of the exchange from Hong Kong has said that schemes of trade are similar today to "the devastating bear market" to which he witnessed in 2014. I have begun to work with bitcoin in 2013 when the price has reached from $250 to $1300. And then there were 2014-2015, was, some kind of, devastating bear market. The price fell, volume has fallen - it was extremely difficult to earn money, - tells >
Volumes of cryptocurrency trade have reached a new annual minimum in trade volumes recently, showing lack of an impulse and force to grow above the current price levels.

Hayes has told that volume can decrease in the next months. We consider that volumes of trade can decrease a little, he said.
This tremendous change in forecasting of the price of bitcoin has occurred after smart statements in June, 2018 when Hayes assumed probability of growth of the price of bitcoin to $50 000 until the end of the year.

At that time, according to him, break of the price of bitcoin from $20 000 to $50 000 constrained only one positive standard decision. However in modern market conditions it doesn't seem realistic.

Though Artur Hayes doesn't see prospects for a present condition of the cryptoforeign exchange market, he assesses long-term prospects of branch positively.

Other participants of the market agree that now branch in a shaky state, but long-term prospects very bull. Now the market as if lets off steam. Possibly, the market passes through some healthy consolidation, but in my opinion the long-term tendency will be consists in the increasing acceptance of bitcoin and similar technologies, - Yahoo, the cofounder of the decentralized cryptocurrency exchange 0x has reported.

of BTC/USD | Coinbase

Jonathan Levi, the CEO Hacera blockchain startup, also agrees with this statement. The bitcoin price, undoubtedly, in the bear market, but with application of bitcoin and others a blockchain projects we actually are in the market of bulls. Most banks members of the EU actively invest in a blockchain and it at first influences bitcoin, - Levi has told.

Though many in cryptocurrency community is in suppressed mood of rather current falling of the market, cryptocurrency evangelists who monitored the market from the moment of his creation don't pay attention to short-term splashes.

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