The cryptocurrency market sentiment has fallen back into "extreme fear" as Bitcoin briefly fell below $56,000, while BitMEX co-founder Arthur Hayes predicts it could sink another 12% to fall under $50,000 over the weekend.
The Crypto Fear & Greed Index, which measures market sentiment and trends, hit a score of 22 on Sept. 6, showing "extreme fear," a seven-point drop from the day prior that pinned sentiment at "fear."
At the time of publication, Bitcoin was down 2.7% in the past 24 hours and hit a low of $55,838 after a fall from above $58,000, wiping $29.7 billion from its market capitalization.
In addition, the former CEO of the defunct Mt. Gox exchange, Mark Karpelès, will launch a new cryptocurrency exchange in September.
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