Why BitMEX CEO believes the bitcoin bull market has just started

Arthur Hayes, CEO of BitMEX, the most widely used margin trading platform for cryptographic orders such as bitcoin and Ethereum, has said the bitcoin bull market is real.

Hayes said on Twitter:

"The bull market is real. An instant dip below $ 7,000 and a few days later we are back over $ 8,000 and the contracts [June and September] are in contango. Booyah! "

Optimism towards the price of bitcoin from Hayes follows a strong recovery demonstrated by the dominant cryptocurrency in the last week where the asset arose from $ 6,400 to $ 8,000 in less than three days.

The market ate the drop of bitcoin to $ 6,400

As previously reported by CryptoSlate, triggered by the sale of 5000 BTC on Bitstamp, many BitcoinX bitcoin contracts were discontinued on May 17th due to the high dependence on BitMEX's feed on Bitstamp.

Consequence y, the bitcoin price was shortened to $ 6,400, and recorded a decline of 18 percent overnight.

In just 72 hours, the market absorbed the unexpected fall in the bitcoin price on Friday, which led to strong bitcoin recovery

When the bitcon award again exceeded the $ 8,000 value, large crypto orders were in shape by Ethereum Bitcoin Cash, XRP, Litecoin and BNB gains in the range 10-20 percent against the US Dollar.

The immediate recovery of bitcoin from an unexpected 18 percent decline of less than three days indicates that the feeling around the crypt market is currently very positive and that investors can be overwhelmingly bears.

As a crypto rivalry Trader said :

"Hell of a bullish weekly close on bitcoin with near record volume, which strengthens the strength and validity of this rally. BTC / USD is full of bulls. "

Industry administrators, including Barry Silbert, have begun to express optimism towards the current trend of cryptographic orders, saying the latest collection of bitcoin is fundamentally different from that seen at the end of 2017.

While the encryption market in 2017 was triggered by a growing retail market, the Digital Currency Group (DCG), CEO Barry Silbert, stated that the 2019 rally has been catalysed by the noticeable improvement in institutionalization and asset-backing infrastructure.

Silbert said on Bloomberg's what you miss this week:

"Sentiment, the technical looks good. An 80 percent drawdown occurred three or four times, and each time it happened [it hit] was record high. As soon as you get the prize, you go back, and animal instincts come back. But the difference between this price increase against the bubble in 2017 is the infrastructure is much different. You have patrons now, you have trading software, you have compatibility software, people are educated about the asset class, so this time is different. "

Contribute Bitfinex's rise to $ 1 billion?

Within a month after the billionaire stake suggested the $ 1 billion opportunity to help Bitfinex settle its relationship with Tether, the exchange's CTO said it completed $ 1 billion increase.

Bitfinex sought to raise new capital after the New York Attorney General's office claimed the exchange of abused over $ 900 million of Tethers cash reserves in an attempt to "cover up" its $ 850 million loss.

A $ 1 billion IEO increased in less than a month. The bull market is here, buck buckaroos! https://t.co/4DaZ0fNtXe

– Arthur Hayes (@CryptoHayes) May 13, 2019

Hayes said the $ 1 billion increase of Bitfinex via an IEO is also an indicator of positive feeling around the crypto market.