Arthur Hayes "Major exchanges' cross-margin liquidation fallout… led to sharp altcoin declines"
Suehyeon Lee
Summary
- Arthur Hayes cited the automatic liquidation of cross-margin positions at major centralized exchanges (CEX) as the cause of the recent virtual asset market plunge.
- As a result, many altcoins fell sharply.
- Hayes said investors who placed buy orders at low prices were lucky, and that many high-quality altcoins are unlikely to see the same price levels again.
Recent analysis said that the recent plunge in the virtual asset (cryptocurrency) market was due to the automatic liquidation of cross-margin position collateral at major centralized exchanges (CEXs).
On the 11th (local time), Arthur Hayes, BitMEX co‑founder, said on X, "This decline was largely due to the automatic liquidation of cross-margin position collateral at major exchanges," adding, "Many altcoins fell sharply in the process."
He added, "Investors who placed buy orders at low prices were lucky. Many top-quality altcoins are unlikely to revisit the price levels seen during this decline."
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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