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The level of support at around $28.5 thousand may not contain the pressure of the “bears”, Arthur Hayes is sure
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The price of bitcoin can fall to $20,000 if it breaks through the support level, which is at around $28,500, according to Arthur Hayes, former CEO of the BitMEX crypto exchange.
He warned that this level of support might not be as strong as cryptocurrency holders believe. Hayes recalled that they are guided by this mark, since it held back the fall of bitcoin in the summer of 2021, however, the real strength of this level will become known after several price attempts to break through it again.
In June 2021, the price of bitcoin dropped to $28,000 as a result of the largest hash rate drop in the history of the cryptocurrency, which was caused by a massive relocation of miners from China. The Chinese authorities have introduced a complete ban on the production of cryptocurrencies and transactions with digital assets.
According to Hayes, if bitcoin continues to decline and breaks through the $20,000 mark, then this will be disastrous, since this level is the local maximum of the bullish cycle of 2017.
On January 26, Bitcoin is trading at $37.7 thousand, and its capitalization is $716 billion, according to CoinGecko. On January 24, the cost of cryptocurrency for the first time since July fell to $32.9 thousand.
On March 28, 2022, a preliminary court hearing in the case of the BitMEX crypto exchange will take place. The former CEO of the trading platform, Arthur Hayes, and the co-founders of the platform, Samuel Reid and Ben Delo, will appear before the court.
US authorities filed charges against BitMEX management in October 2020. The Commodity Futures Trading Commission (CFTC) alleges that they operated an unregistered trading platform and violated CFTC rules, including anti-money laundering and customer identification.
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