BitMEX CEO Says Ethereum Price Will Fall Below $100
At the point when Arthur Hayes has an assessment, he doesn’t tend to mince words.
The BitMEX Chief and noted pot-stirrer remained consistent with shape on Tuesday when utilizing a couple, blunder, beautiful representations, he anticipated that the ethereum cost is on track to dive to twofold digit value levels.
Writing in BitMEX’s “Crypto Merchant Process,” the trade administrator’s semi-general bulletin, Hayes contended that ethereum is a “sh*tcoin” whose cost has been buttressed by starting coin contributions (ICOs) since in any event mid 2017. Progressively, those ventures have originated from VCs, who he says will in the long run surrender to the manage market and dump their ether and ERC-20 tokens at whatever value they can get.
“The VC investor who has never suffered the vagaries of the market is as green as the noob who thinks he or she can go from 1 to 100 Bitcoin in a few trading days. They don’t have the mental strength to cut positions to limit further losses, or backup the truck and buy opportune dips even though they are down. More importantly, LPs can now see an objective last price for a particular token, and can’t be hoodwinked. They will attempt to be a Monday morning quarterback, and that only adds to the VC investors’ anxiety. At a certain point, they go ‘fuck it’, and dump everything they can.”
As CCN detailed, ethereum has featured been a main event in the current week’s altcoin bloodbath. The second-biggest digital currency, once considered a bolt to supplant bitcoin as the most profitable cryptographic money, exchanged as low as $249 on Monday is still down 22 percent in the course of recent days, even in the wake of recuperating to about $280 on Tuesday.