What are cryptocurrency enthusiasts contemplating this weekend? Touching grass? Planning their summer getaway?
No, as of today, Sunday, April 6, the predominant concern among crypto market participants, based on social media chatter, revolves around the possibility of tomorrow becoming a “Black Monday” not just for the traditional market but also for Bitcoin (BTC) and other digital assets.
Related
Arthur Hayes, a renowned speaker and former CEO of the cryptocurrency exchange BitMex, poses the same question to his audience with two foreboding words. For this expert, all attention is directed at 6 p.m. GMT — the moment when futures on the S&P 500 commence trading.
Furthermore, what’s crucial is the time in Asia when the U.S. market opens. Since Bitcoin has shown minimal movement over the weekend, there is little guidance on how the market might respond.
In summary of Hayes’ perspective, the current market situation is shrouded in uncertainty. However, there is a significant deadline when traders will inevitably confront reality.
Related
The previous “Black Monday” occurred on March 16, 2020, marking the second such occurrence in that month—a day etched in market history amid rising pandemic fears and recession concerns. Some analysts suggest this imminent scenario could be worse than the infamous 1987 crash based on numerical metrics.
As tomorrow approaches, it’s essential to note that some Black Mondays have resulted in only short-term effects, while others have signaled the onset of real crises, as seen in 1929 and 2020.
