Bitcoin's price recently dropped below $56,000, which pushed market sentiment into "extreme fear" territory. BitMEX co-founder Arthur Hayes also predicts a further 12% price decline that could push Bitcoin below $50,000. Despite this, some traders are still optimistic about Bitcoin's future performance, yet Bitcoin ETFs are still dealing with continuous outflows.

On the other hand, Bitcoin DeFi is gaining some traction, and some developers predict it could even surpass Ethereum's dominance in DeFi within the next two years. The crypto market sentiment has slipped back into "extreme fear" territory after Bitcoin (BTC) briefly dropped below $56,000. BitMEX co-founder Arthur Hayes also predicted a further 12% decline that could see Bitcoin fall below $50,000 over the weekend.

The Crypto Fear & Greed Index, which measures market sentiment and trends on a scale of 100, fell to a score of 22 on Sept. 6, indicating "extreme fear." This is a seven-point drop from the previous day's "fear" rating and is the lowest score since Aug. 8, when the index hit 20.

Source: https://coinpaper.com/5317/arthur-hayes-predicts-bitcoin-could-sink-below-50-k-this-weekend

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