Experts Predict a “Black Monday” for Bitcoin

Crypto market fans aren’t just thinking about summer plans or enjoying the outdoors this weekend. Instead, many are worried about a potential market crash tomorrow—a “Black Monday”—that could hit both traditional stocks and digital currencies like Bitcoin.

Popular crypto commentator and ex-BitMex CEO, Arthur Hayes, has stirred concern on social media recently. Hayes points to 6 p.m. GMT—when S&P 500 futures start trading—as the moment that could set the stage for a rough day. He also highlights how the market’s reaction in Asia might add to the uncertainty when U.S. markets open.

Over the weekend, Bitcoin stayed mostly unchanged, leaving traders with little indication of what might happen next. Hayes sums it up by saying that the market is currently shrouded in confusion, but warns that soon traders might have to face a harsh reality.

He reminds everyone that the last major “Black Monday” occurred on March 16, 2020—a day so severe that some experts believe it surpassed even the infamous 1987 crash in sheer numbers. While past Black Mondays have sometimes been short-term price dips, other times they have signaled the start of deeper financial crises, as seen in 1929 and 2020.