- At the time of writing, BTC is trading at a price of $26,859 with a market value of $521 billion, up 5%.
- The recent recovery has led analysts to feel optimistic about cryptocurrency again.
- Former BitMEX CEO Arthur Hayes stated that it is time to join the new bull run for Bitcoin.
The lawsuits filed by the SEC against Binance and Coinbase have shaken the market, but Arthur Hayes remains positive about Bitcoin.
Hayes Remains Positive about Bitcoin
The world’s largest cryptocurrency, Bitcoin (BTC), which faced strong selling pressure earlier this week, approached $27,000 today with a strong recovery. At the time of writing, BTC is trading at a price of $26,859 with a market value of $521 billion, up 5%. The recent recovery has led analysts to feel optimistic about cryptocurrency again.
Former BitMEX CEO and co-founder Arthur Hayes recently stated in a post that it is time to join the new bull run for Bitcoin;
“The fear wall is climbing, come to the BTC bull market bus. We are still in the struggle street, but the moon is not far away.”
Earlier this week, Bitcoin (BTC) and the overall crypto market came under significant selling pressure following the SEC lawsuit against crypto exchange Binance. Shortly after, there were large-scale withdrawals of funds on the Binance platform, and the BTC price fell below $26,000.
Similarly, popular analyst Michael Van de Poppe stated:
“Great move for Bitcoin, but you’d prefer it to stay above $26,100 to avoid a gradual decline. If $26,100 is lost, it will trigger the loss of the 200-week MA in Crypto Total Market Value.”
Short Positions are Being Liquidated, but Declines Continue
The recent increase in Bitcoin price and the crypto market shows that investors are willing to overlook the regulatory measures of the SEC on Binance and Coinbase. In the midst of the V-shaped recovery in Bitcoin price, traders had to liquidate many short positions. On-chain data provider Santiment said, “After traders were overly eager to bet against the markets, we saw many short positions that were liquidated today. The largest short positions in the last 3 months have caused BTC to rise again to $27,000. We saw a similar price movement when traders opened short positions on March 10th.”
Meanwhile, when crypto prices experienced a significant correction, investors’ desire to buy at the bottom increased. The SEC’s acceleration of its fight against the top two crypto trading platforms will be a matter of curiosity for the future.
The outcomes of the lawsuits have the potential to be an important example for cryptocurrencies. If the courts side with the SEC and classify many crypto assets as securities, there could be a significant transformation in cryptocurrency regulations and the SEC could be given authority over them.
