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BitMEX co-founder Arthur Hayes warned that crypto market leader Bitcoin (BTC) could drop to $78K after an “ugly start to the week.”
“If it fails, $75k is next in the crosshairs,” he said in a March 10 X post.
Hayes added that Bitcoin dropping to between $70K and $75K could lead to “violent” volatility due to a lot of options open interest in this range.
Over $619 Million Liquidated As Bitcoin And Crypto Market Plunge
The post by Hayes comes after Bitcoin’s price dropped from a high of $86,115.43 to a low of $80,052.49 in the last 24 hours. It has since recovered slightly to trade at $82,114.84 as of 1:08 a.m. EST, down 4% in the past 24 hours, according to CoinMarketCap data.
BTC’s correction coincided with a broader crypto market retracement during the same period. All of the top 10 largest cryptos by market cap suffered 24-hour losses, with meme coin leader Dogecoin (DOGE) posting the biggest drop after a more than 8% knock.
With the drop in prices seen in the last 24 hours, over $619 million has been liquidated, according to data from Glassnode.
The majority of trades that were liquidated were long positions, accounting for over $526 million of the liquidated amount.
Crypto Fear And Greed Index Signals “Extreme Fear”
Investor sentiment also turned more fearful in the last 24 hours, with the Crypto Fear And Greed Index plunging seven points from a reading of ”Fear” to ”Extreme Fear.”
Renowned trader and analyst Michael van de Poppe, with more than 782k followers on X, suggested yesterday that the market’s correction was due to whales, who are pushing prices down so that they can “scoop as much” crypto as they can from investors at discounted prices.
Classic move on Sunday to dump the markets.
The big guys want prices lower to scoop as much as they can from you.
Just hold your #Bitcoin & #Altcoins.
— Michaël van de Poppe (@CryptoMichNL) March 9, 2025
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