For the past week, bitcoin has been holding up well at around $7,400 and crypto enthusiasts and more importantly bitcoin holders have been having the time of their life. For a couple of months, the market has been unbearable for the bullish market and up until Monday when the prices spiked there was little good to say about the bearish market.
While some bearish experts are accepting defeat, some remain unwavering and remain unconvinced by the recent price surge. One man who remains unconvinced of the spike is BitMEX CEO who believes that the recent price rally is merely a short squeeze.
Speaking to CNBC, Arthur Hayes, said that during the price surge from $6,800 to $7,250, which happened in less than 30 minutes, BitMEX saw the liquidation of around $230 million worth of shorts. Currently, bitcoin has added up to $20 billion to its market cap.