Arthur Hayes predicts Bitcoin (BTC) could fall below $50K amid market turmoil. Bitcoin’s price drop has led to $36.71M in liquidations. The Crypto Fear & Greed Index shows “extreme fear,” reflecting growing market anxiety.

In recent days, the cryptocurrency market has been awash with uncertainty, with Bitcoin’s price taking a significant tumble. After slipping below $57,000 on September 5, Bitcoin has fallen to $55,711.26, leading to a sharp decline in market sentiment. This downturn has thrust the Crypto Fear & Greed Index back into the “extreme fear” zone, with a score of 22, a notable drop from the previous day’s “fear” score of 29. Arthur Hayes, co-founder of the cryptocurrency exchange BitMEX, has weighed in on the current market conditions and in a post on X, predicted a further decline in Bitcoin’s price, suggesting that it could fall below $50,000 over the weekend.

Hayes’s prediction comes amidst a broader market slump and growing concerns about the US economy. Over 36 million Bitcoin long positions liquidated The recent plunge has seen Bitcoin wipe out approximately $29.7 billion from its market capitalization. According to CoinGlass data, the price dip has also resulted in over $36.71 million worth of long positions being liquidated, accounting for about 40% of today’s crypto liquidations. The drop in Bitcoin’s value has had a ripple effect across the cryptocurrency market. Other major cryptocurrencies have also experienced declines, with Ethereum (ETH) falling by 2.23%, Solana (SOL) dropping by 2.82%, and Ripple (XRP) seeing a 2.19% slump. This broad-based downturn has led to over $94.26 million in liquidations over the past 24 hours, with Bitcoin and Ether long positions accounting for over half of these liquidations. The current crypto market volatility is attributed to a confluent of broader macroeconomic factors. Notably, the recent US jobs data fell short of expectations, raising concerns about a potential Federal Reserve interest rate cut and adding to the market’s apprehensions. As Bitcoin navigates these turbulent waters, all eyes will be on whether Hayes’s prediction comes to fruition and how the broader market sentiment evolves in response to ongoing economic signals.

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Victoria, Seychelles, September 6th, 2024, Chainwire Bitget, the leading global cryptocurrency exchange platform, has listed MetaCene (MAK) on its Launchpool, providing a unique opportunity for users to engage with a pioneering project in the blockchain gaming space. The Launchpool promotion will commence on 5th September 2024, at 12:00 (UTC) and will span ten days, allowing participants to stake BTC, ETH, and MAK to share a pool of 1,980,000 MAK tokens. This initiative enhances user engagement with the MetaCene platform and provides substantial rewards for early adopters and supporters. MetaCene, recognized for its innovative approach to Meta-MMO platforms, offers a player-centric ecosystem that emphasizes entertainment, governance, and co-creation. Set against a backdrop of an apocalyptic open world, MetaCene boasts a dynamic and immersive environment, underpinned by a robust in-game economy. With its ServerFi-driven Realms system, the platform connects game servers with NFT ownership, promoting decentralized management and distribution. This approach has already garnered attention from a global community of over 100,000 players. The staking period offers three distinct pools for users: BTC, ETH, and MAK. Each pool comes with specific staking limits and reward mechanisms, ensuring a broad range of participation. For the BTC staking pool, 840,000 MAK tokens are allocated, with a maximum staking limit of 2 BTC and a minimum of 0.0001 BTC. Similarly, the ETH staking pool also offers 840,000 MAK tokens, with limits set between 0.002 ETH and 15 ETH. The MAK staking pool, with an allocation of 300,000 MAK tokens, allows for staking between 20 MAK and 2,000,000 MAK. Rewards in each pool are distributed proportionally based on the amount staked by each participant, relative to the total staking volume. MetaCene’s listing on Bitget Launchpool is a significant step in expanding its reach and impact within the blockchain gaming industry. The project’s focus on decentralized entertainment and governance aligns well with the evolving landscape of blockchain technology, where user autonomy and decentralized ownership are increasingly becoming the norm. This listing shows MetaCene’s potential as a leading platform in the Meta-MMO space reaffirming Bitget’s commitment to supporting innovative projects that drive the future of decentralized ecosystems. As the staking period begins, users are encouraged to participate actively and take advantage of the rewards offered through this unique opportunity. With MetaCene’s growing popularity and its innovative approach to gaming, the listing on Bitget Launchpool is expected to attract significant attention from both the gaming and blockchain communities. For more information on Metacene, users can visit here. About Bitget Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 30 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team). For more information, users can visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet For media inquiries, users can contact: [email protected]   Contact PR Simran A Bitget [email protected]

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