Bitcoin ‘weakness shall pass’ after dip below $100K: Arthur Hayes

Bitcoin has lost more than 8% over the past week as geopolitical tensions and military action between Israel and Iran ramped up.

Bitcoin prices dipped below six figures for the first time since early May, but the weakness is only temporary, according to BitMEX co-founder Arthur Hayes. 

Bitcoin (BTC) prices fell to their lowest level for more than six weeks in late trading on Sunday when they dipped below $98,500, coming after a US airstrike on Iranian nuclear facilities over the weekend. 

However, the sub-six-figure drop didn’t last long, and the asset had reclaimed $101,000 during early trading in Asia on Monday morning. 

Read more