The co-founder of the crypto exchange platform BitMEX predicts Bitcoin (BTC) and Ethereum (ETH) will continue to fall in price in the wake of this week’s Terra (LUNA) collapse.
An engem neie Blog Post, Arthur Hayes says he’s gearing up to accumulate both crypto assets as he anticipates a drop to major cyclical lows.
According to Hayes, he’ll be a buyer of BTC at $20,000 and ETH at $1,300.
“These levels roughly correspond to the all-time highs of each asset during the 2017/18 bull market.”
geschriwen gëtt am Moment vum Schreiwen op $ 29,878 gehandelt. Ethereum handelt op $ 2,049.
Hayes says crypto capital markets need to determine who is overexposed to anything related to Terra.
“Any service offering above-average yields that is believed to have any exposure to this melodrama will experience swift outflows.
And given that most people never read how any of these protocols actually work in distress scenarios, it will be a sell first, read later exercise. This will continue to weigh on all crypto assets as all investors lose confidence and would rather suck their thumb, clutch their safety blanket and hold fiat cash.
The crypto capital markets must be allowed time to heal after the bloodletting concludes.”
Terra, the decentralized finance payment ecosystem, has zesummegefall ass and lost all of its value earlier this week.
Hayes, however, says he’s made no alterations to his structurally long crypto positions even though they’re losing value.
“If anything, I’m evaluating the various altcoins I own and increasing exposure.”
Am Mäerz hu Hayes a Matbierger BitMEX Matgrënner Benjamin Delo a Samuel Reed plädéiert schëlleg sinn e Gesetz ze briechen, dat Finanzinstituter erfuerdert, d'Regierung ze hëllefen d'Geldwäschschemaen z'entdecken an ze entgéintwierken.
The U.S. Department of Justice (DOJ) alleged that the trio willfully failed to maintain anti-money laundering protocols and profited from the transactions of US-based customers while operating outside of the country.
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Source: https://dailyhodl.com/2022/05/14/crypto-capitalist-arthur-hayes-forecasts-dramatic-new-lows-for-bitcoin-btc-and-ethereum-eth/