Bitcoin (BTC) Price Crashed toward $53,000, Losing More Than $17,000 Since Last Monday

This has been one of the cryptocurrency's worst weekly performances in its entire history.

Bitcoin’s (CRYPTO: BTC) price crashed toward $53,000, losing more than $17,000 since last Monday, marking one of the cryptocurrency’s worst weekly performances in its entire history.

To put things into perspective, in the past 24 hours alone, a whopping $840 million worth of leverage positions were liquidated due to the market crash.

Earlier in the week, Benzinga outlined three possible reasons behind the bloodbath, including the weak U.S. economy, the uncertainty regarding the fiscal policy of the U.S. Federal Reserve, as well as funds flowing out of exchange-traded funds.

Now, Arthur Hayes, the former CEO and one of the co-founders of what was once the largest derivatives trading platform in the cryptocurrency industry, is speculating about another possible reason.

“My TradFi birdies are telling me somebody big got smoked, and is dumping all #crypto. No idea if this is true, I won’t name names, but let the fam know if you are hearing the same?”Hayes Tweeted.

Some traders have speculated that Hayes is referring to the recent rumors of financial difficulties at a large crypto trading firm, which have been circulating on social media and in trading groups.

Others have suggested that Hayes may be talking about the recent moves by Jump Crypto, the cryptocurrency arm of Jump Trading, which have been closely followed by the crypto community.

Over the weekend, it was reported that Jump Crypto had initiated the movement of hundreds of millions of dollars worth of various coins, including a $46 million transfer of ETH. This has led many to believe that the firm is liquidating its holdings.

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