Greed

Solana

Bitcoin

Arthur

<ul>
 <li>Arthur Hayes predicts Bitcoin may dip under $50,000 as he takes a short position in the economy.&nbsp;</li>  
 <li>The Crypto Fear &amp; Greed Index hit "extreme fear" as Bitcoin's value declined, losing $29.7 billion in exchange value.</li>  
 <li>Major cryptocurrencies like Ether and Solana also sustained losses as <a href="https://cryptonewsland.com/fundstrat-analyst-predicts-end-of-nvidia-stock-decline-hints-at-crypto-market-recovery/" target="_blank" rel="noopener noreferrer nofollow">market </a>withdrawals soared to $94.26 million.</li> 
</ul>  
<p>BTC might fall under $50,000, with respect to Arthur Hayes, the previous CEO of BitMEX. On Friday, Hayes revealed he had taken a short wager, betting on a drop in the token's cost. He expressed his views on X, stating, “Pray for my soul, for I am a degen.” This prediction comes as an economic mood transforms into deep anxiety.</p>  
<h2 class="wp-block-heading" id="h-bitcoin-under-pressure-as-fear-grows">Bitcoin Under Pressure as Fear Grows</h2>  
<p>The Crypto Fear &amp; Greed Index, which tracks market attitudes, tumbled to 22 on September 6. This marks the first time since mid-August that the index has reached "extreme fear," demonstrating a noticeable slide in shareholder confidence. BTC's stock&nbsp; has also been under strain, dropping by 2.7% in the past day to a low of $55,838. The recession caused a $29.7 billion drop in the coin's trading value. Although BTC slightly recovered to $56,533, the equity remains cautious.</p>  
<h2 class="wp-block-heading" id="h-short-selling-gains-momentum">Short Selling Gains Momentum</h2>  
<p>Short placement has become a technique in this business climate. Traders like Hayes are betting on the coin's slump by borrowing and selling it now, hoping to repurchase it at a lower price later. This method is useful during bearish conditions and provides a hedge for those holding substantial Bitcoin positions.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/TodayCryptoRj/status/1832009197254537272
 </div>
</figure>  
<p>Moreover, short selling is often used by&nbsp; shareholders who believe BTC is overvalued or expect changes that could impact the economy. Hayes’ actions have brought attention to this technique by showing its possible pitfalls and rewards.</p>  
<h2 class="wp-block-heading" id="h-ripple-effect-on-the-crypto-market">Ripple Effect on the Crypto Market</h2>  
<p>Bitcoin’s drop has also impacted the broader crypto sector. Other coins like ETH , Solana, and XRP have also seen declines. Ether fell by 2.23% while Solana and XRP dropped by 2.82% and 2.19%.</p>  
<p>These declines triggered widespread liquidations across the trading floor. Data from CoinGlass shows $94.26 million worth of sale transactions occurred in the past day. Most of these were extended contracts, with over $71 million wiped out. BTC longs saw $36.71M in liquidations, while Ethereum stocks accounted for $17.36 million.</p> 
<p>The post <a href="https://cryptonewsland.com/bitcoin-faces-potential-drop-below-50k-as-market-fear-intensifies/" rel="noopener noreferrer nofollow">Bitcoin Faces Potential Drop Below $50K as Market Fear Intensifies</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Bitcoin Faces Potential Drop Below $50K as Market Fear Intensifies

Table of Contents

Crypto News Land

Other articles published on Sep 7, 2024

WisdomTree Halts Ethereum Trust S-1 Filing With SEC

Figure Markets Works with Shareholder of Ionic Digital to Investigate Potential Board Misconduct

El Salvador Marks 3 Years of Bitcoin as Legal Tender

Analysts Predict Potential Moves for LTC, ETH, and FET

Tether Fuels Remarkable Stablecoin Market Surge

Bitcoin Price Declines as Crypto ETFs Record $1 Billion in Outflows Over 7 Days

Join our free newsletter for daily crypto updates!