Arthur Hayes, co-founder of cryptocurrency exchange and derivatives trading platform BITMEX speculated that the price of Bitcoin (BTC) may fall to $10,000.
Hayes shared a GIF mocking the possibility on his Twitter account following the news of FTX's collapse.
Earlier, he announced that he had bought an option* to put Bitcoin at a price of $15,000, which has an expiration date of March 2023.
*Option: gives the right to sell Bitcoin at an agreed price when the contract expires.
Nevertheless, the former BITMEX chief executive officer is confident that the crypto market will bounce back in 2023.
However, he believes that the digital asset will drop to its lowest level first before making new gains.
According to Hayes, the lack of intervention by central banks or other organizations in this crisis is a big advantage for the sector because it will allow the crypto market to recover effectively on its own.
He also believes that the failure of FTX is not a foreign thing for the crypto market as previously there were many other crypto exchangers who experienced the same situation and believes that the crypto market can grow rapidly.
