Arthur Hayes Doubles Down on His Bearish Bitcoin Price Prediction

article image

Alex Dovbnya

Bitcoin has plunged to yet another two-year low as cryptocurrency crisis continues to worsen

Former BitMEX CEO Arthur Hayes has doubled down on his $10,000 Bitcoin price prediction in a recent tweet.

This comes after cryptocurrency firm Genesis, a subsidiary of Barry Silbert’s Digital Currency Group, has reportedly started warning about potentially facing bankruptcy without funding.

“Well that’s the end of that. Now all my friends in restructuring will be asking if I know anyone at Genesis I can connect them with,” Hayes commented.

As reported by U.Today, Genesis’s lending arm was forced to suspend withdrawals on Nov. 16 after allegedly failing to secure $1 billion in fresh funding.

For now, however, Genesis says that it does not plan to file bankruptcy. The firm has now lowered its bailout target to $500 million, according to The Wall Street Journal.

Crypto giant Binance has reportedly passed on a potential deal out of concern that this could create a conflict of interest.

As reported by U.Today, Hayes said that he was ready to buy Bitcoin at $10,000 after Genesis’s lending arm announced the suspension of withdrawal.

On Monday, the price of Bitcoin dropped to a new two-year low of $15,479 on the Bitstamp exchange.