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Following a weekend marked by significant market selloffs, Arthur Hayes, co-founder of the cryptocurrency derivatives exchange BitMEX, took to Twitter to express a bullish sentiment.
What Happened: In a tweet directed at his 490,000 followers, Hayes stated, “That was the dip. Now we rip.”
He then posed a question, igniting a community discussion: “What are we buying on the rebound fam?”
Hayes’ tweet predictably went viral, garnering responses suggesting a variety of investment strategies.
MachineAlpha, a crypto-focused Twitter account, championed Render Network (CRYPTO: RNDR), comparing it to the tech giant Nvidia due to its potential in the graphics processing space.
Others, like Twon XBT, advocated for Boden (BODEN), highlighting its swift recovery from the weekend’s slump.
The discussion also highlighted the cautious optimism surrounding Ethereum (CRYPTO: ETH).
User Pepe Larp observed ETH’s current undervalued position relative to Bitcoin (CRYPTO: BTC) and expressed bullishness on Solana (CRYPTO: SOL) due to its ongoing adoption.
However, concerns lingered regarding potential market saturation for SOL.
Rob Vendetti, another commenter, injected a note of caution, questioning whether another dip might occur due to potential Israeli retaliation in the ongoing Middle East conflict.
The “rumors” Vendetti referenced were likely alluding to the heightened geopolitical tensions.
Meanwhile, amidst the flurry of investment suggestions, Satoshi Club offered a more enigmatic response, simply stating, “The rumors probably,” leaving the interpretation open to speculation.
Also Read: Move Over Shiba Inu, Doge: OKX Lists Soaring Memecoins WIF And MEW
Why It Matters: Hayes’ tweet is particularly noteworthy in light of the recent market turmoil.
The price of Bitcoin plummeted from its weekly high of $70,500 to as low as $62,800, mirroring a broader market decline triggered by profit-taking ahead of the upcoming Bitcoin halving and global economic anxieties.
This weekend sell-off resulted in a staggering $2 billion worth of liquidated futures positions, with over $1.5 billion representing bullish bets according to Coinalyze, a crypto analytics tool.
What’s Next: As the market looks to recover, Hayes’s perspectives and the robust discussion they initiate are more relevant than ever, especially with the Benzinga Future of Digital Assets conference on the horizon.
Scheduled for Nov. 19, this conference will reflect on the recent market dynamics, including the impact of Bitcoin’s halving and the macroeconomic factors influencing digital asset prices.
Read Next: Bitcoin To Go ‘On Another Huge Run,’ Once $100K Is Broken, Crypto VC Claims
Image: Shutterstock
