Bitcoin Bear Market Could Last Another 12 – 18 Months, Says BitMEX CEO • Live Bitcoin News

Arthur Hayes, CEO of BitMEX cryptocurrency exchange, told Yahoo! Finance that he believes that the current Bitcoin lean period could last a further 12 to 18 months.


Crypto Bear Market Not Over Yet

Arthur Hayes, CEO of BitMEX, the largest Bitcoin derivatives trading platform, believes that the bear market could last another 18 months from now, according to Yahoo! Finance. Hayes is reported to have expressed his views to the UK representative of the media outlet at an event in London organized by The Spectator magazine.

During the interview, excerpts from which were published earlier Wednesday, Hayes said:

My view is the volatility environment that exists right now could persist for another 12 to 18 months, the flatness.

He went on to clarify:

I’m just basing it off my previous experience. I started in bitcoin in 2013 when the price went from $250 to $1,300, and then 2014 to 2015 was sort of the nuclear bear market. Price crashed, volume crashed — very, very difficult to make money.

The Seychelles-registered platform which enables users to trade Bitcoin derivative products like futures was co-founded by Hayes in 2014. Hayes is a former Deutsche Bank and Citi executive.

BitMEX

Industry Peers Disagree

While Hayes maintains a bearish outlook for the near future, other industry insiders hold a differing view.

Will Warren, the co-founder of 0x protocol, stated:

Having followed this space since 2011, we’ve seen a number of different cycles where a large number of people start to get interested in the technology and it kind of winds up and then winds downs again.

He added:

The market is blowing off some steam right now. I think the market is probably going through some healthy consolidation, but I do believe the long-term trend will be greater adoption of bitcoin and similar technologies.

Mati Greenspan, an analyst with eToro, a trading platform, said:

In 2016 the gains started very gradually until it snowballed. Now that awareness and education have skyrocketed, I have a feeling that it’s going to happen a lot quicker the next time.

Jonathan Levi, CEO of HACERA, also commented:

I think when the bear market is put in context it gives you more clarity – you’re looking at a bear-sized drop but from an astonishing height.

He further added:

The price of bitcoin is undoubtedly in a bear market, but in the application of bitcoin and other blockchain projects, we are in fact in a bull market. Most of the EU banks are actively investing in blockchain and that all originally stems from bitcoin.

Bitcoin

Impact of Slowdown on BitMEX

Bitmex, despite the bearish conditions and a decrease in volatility, still manages trade volumes in the range of $1 billion per day. The exchange had witnessed its highest volume of over $8.5 Billion earlier this year.

Speaking of Bitcoin’s current low volatility, Hayes stated:

We think we’re well positioned to weather the low volatility. There are some reports of other OTC dealers and exchanges letting go of employees because obviously volumes have fallen and they hired aggressively. Our expansion plans have not changed, we continue to hire across the whole organization, and we have the balance sheet resources to continue that activity.

Live Bitcoin News reported last week about Coinbase laying off 15 remotely located employees.

Do you agree with Hayes’ views of a prolonged Bitcoin bear market? Let us know in the comments below.


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