Bitcoin Bear Market to Last for 18 Months, BitMEX Says

Arthur Hayes is not super optimistic about Bitcoin in the nearest future
01 November 2018   1279

The price of bitcoin and trading volumes may continue to fall for another one and a half years. Arthur Hayes, head of the BitMEX cryptocurrency derivatives trading platform, expressed this opinion in an interview with Yahoo Finance.

My view is the volatility environment that exists right now could persist for another 12 to 18 months, the flatness. I’m 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.
 

Arthur Hayes
CEO, BitMEX

He added that trading volumes may be even lower than now.

While the head of BitMEX sees a bearish mood in the market, other representatives of the industry are still more optimistic

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.
 

Will Warren

Co-founder, 0x

The head of the Hacera project Jonathan Levy agrees with this position. According to him, Bitcoin is undoubtedly getting cheaper, but he himself and the underlying technologies are used more and more often. 

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. Most of the EU banks are actively investing in blockchain and that all originally stems from bitcoin.
 

Jonathan Levi

Head, Hacera

Despite the decline in trading volumes and volatility, contracts for an amount in excess of $ 1 billion are concluded on BitMEX daily. Earlier this year, the amount of contracts on the platform exceeded $ 8.5 billion per day. 

PBoC to Continue Anti-Crypto Propaganda

The regulator published a warning in its WeChat account called “Protection of the rights and interests of consumers of financial services”
23 March 2020   310

The People's Bank of China has returned to criticism of cryptocurrencies amid a worsening economic situation in the world.

On March 22, the regulator published a large-scale warning in its WeChat account under the heading “Protection of the rights and interests of consumers of financial services”. It describes three ways in which cryptocurrency service providers can mislead consumers.

First of all, the amount of fraud transactions with bots is serious. The average turnover rate of the top three overseas crypto currency exchanges is much higher than that of foreign licensed exchanges. Second, market manipulation exists in these exchanges where forced leveraged trading eventually causes the exchanges to explode. Third, money laundering is a big issue.

 

People's Bank of China

In addition, the Chinese Central Bank calls the opinion that Bitcoin may serve as a protective asset, erroneous. The regulator indicates its high volatility and recommends that citizens not follow the example of other investors and refuse to participate in cryptocurrency trading.