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Gold on Track for Biggest Weekly Drop in 7-Years, Acting As A Better Safe Haven than

▪ Bitcoin already jumped 42% from the $3,850 low
 ▪ “Max pain probably resides somewhere between $6,000 to $7,000” – Arthur Hayes
 ▪ “If gold’s being sold to raise cash in an emergency, then it is doing its job as a safe haven” – Brien Lundin

A day before the market went into a full-on panic mode because of Bitcoin price crashing nearly 45%, BitMEX CEO Arthur Hayes published a regular note on March 12th on his exchange where he talks about how despite trading below $8,000 Bitcoin outperformed most global equity indices in 2020.

But not anymore. The world’s leading cryptocurrency is down almost 30% on yearly basis trading around $5,230 after going to $3,850 on Bitstamp and further lower at $3,600 on BitMEX.

However, Hayes believes that we won’t be revisiting $3,000, which we didn’t do exactly, but “max pain probably resides somewhere between $6,000 to $7,000 Bitcoin.” Hays also noted that during these times any crypto hedge fund will be getting distress calls and dumping coins into a falling market which will only push the price lower.