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U.Today - What’s on the minds of cryptocurrency enthusiasts this weekend? Touching grass? Planning their summer vacation?
No, today, Sunday, April 6, the minds of most crypto market participants, judging by what social media are full of, are threatened by the idea that tomorrow may turn into a "Black Monday" not only for the traditional market, but for Bitcoin (BTC) and other digital assets too.
Arthur Hayes, a popular speaker and former CEO of the cryptocurrency exchange BitMex, also asks his audience the question with these two ominous words in formula. For the expert, all eyes are on 6 p.m. GMT — the time when futures on S&P 500 open.
However, what’s important too is what time it will be in Asia when the U.S. market opens. And since Bitcoin has not done much over the weekend, there is little to zero to tell the market which way things will shake out.
Concluding Hayes’ analysis, it’s a fog of war for now around the markets. But, and it is a major one, there is an understandable deadline when traders will eventually face the reality.
The last "Black Monday" was seen back in 2020, March 16 to be exact, and it was the second one in that month — one of the toughest days in market history, which happened amid pandemic escalation and recession fears. Some analysts are saying that this one is even worse than the infamous 1987 one by sheer numbers.
As tomorrow nears, it’s worth keeping in mind that some Black Mondays have had a temporary impact, while others have been precursors of real crises like in 1929 and 2020.