Arthur Hayes Closes Short Bitcoin Position, Hints at Upcoming BTC Rally
The BitMEX co-founder said he made a modest profit by shorting BTC.
Bitcoin’s price tumbled hard on Friday from $57,000 to under $53,000 in hours before it finally covered some ground. Some investors and even long-term BTC bulls, such as Arthur Hayes, tried to take advantage by shorting the asset.
However, he said earlier today that he has closed his position as BTC might even rally in the next few days.
CryptoPotato reported the highly volatile price actions that transpired on Friday, which began after the release of the August jobs report in the States. As the unemployment rates declined slightly month-over-month, bitcoin jumped by $1,500 and tapped $57,000.
That turned out to be a false breakout, though, and the bears quickly pushed it south by more than four grand. As a result, the cryptocurrency fell to a monthly low of under $53,000.
At this time, BitMEX’s co-founder, Arthur Hayes, said he had opened a short position and was aiming for a price tag of under $50,000 during the weekend.
Nevertheless, BTC has bounced from its monthly low and has jumped above $54,000 as of now. Even though the weekend is far from over, Hayes posted an update earlier today, saying he had closed his position with a 3% profit because the asset ‘might’ rise in the following days due to Janet Yellen’s weekend speech .
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
38% Dogecoin Rebound, Cardano Tests AI Limits, But Unstaked’s AI Advantage Steals the Show
Dogecoin (DOGE) jumps 38%, and Cardano (ADA) launches an AI testnet, but Unstaked’s advanced AI agents go beyond marketing, offering real impact and value.Dogecoin (DOGE) Future: Aiming for $3.94 with MomentumCardano (ADA) Blockchain Tests AI ScalabilityUnstaked: AI That Goes Beyond MarketingFinal Take: Real AI Utility vs. Hype
ETH Trades at Historic Lows vs BTC Since 2019
ETH hits lowest value compared to BTC since 2019, raising questions on a potential rebound amid mixed fundamentals.ETH Undervalued Against BTC: A Historical SetupBullish History, Bearish FundamentalsPatience Required for Ethereum Bulls
Popcat Climbs, Dogecoin Stalls, But BTFD Triples Tokens with 200% Bonus—Best Meme Coin Presale to Buy Now Before May 26 DeadlineConclusion: Don’t Mis
BTFD Coin surges in Stage 15 with 90% APY staking and 200% bonus. Best meme coin presale to buy now before it launches on May 27!BTFD Coin (BTFD) – The Bulls Are Charging, Are You In?Dogecoin (DOGE) – The OG Meme King Facing Shaky GroundPopcat (POPCAT) – The Smart Money Magnet of the Moment
SHIBA’s Hype Fades, ADA Devs Work; Meanwhile, Web3 ai Becomes Highest Trending Crypto With $500K Frenzy
Explore Shiba Inu (SHIBA) recovery trends, Cardano (ADA) prediction backed by developer growth, and how Web3 ai’s Portfolio Optimizer replaces guesswork with smart strategy. Learn why Web3 ai is gaining traction among the highest trending crypto tools.Web3 ai’s Portfolio Optimizer Turns Guesswork Into GainsShiba Inu (SHIBA) Recovery Sparks Renewed Interest After Key Price ReboundCardano (ADA) Prediction: Development Surge Fuels Bullish OutlookStrategy Over Speculation
Trending news
MoreCrypto prices
More
