Arthur Hayes, the CEO of BitMEX, is certainly one of the most interesting people in the crypto space – mostly because of his (controversial) statements.
In the latest news, Hayes predicted that the Ethereum price is on track to plunge to double-digit price levels, illustrating the movements quite colorfully.
As he wrote in BitMEX’s “Crypto Trader Digest” which is the exchange’s newsletter, he argued that Ethereum is “a sh*tcoin” and that the ETH price has been buttressed by initial coin offerings (ICOs) since early 2017.
What’s interesting is the fact that the investments have been made by venture capitalists (VCs), which, according to him, will eventually capitulate to the bear market and dump their Ether and ERC-20 tokens at different price levels.
In his own words, Morehead wrote:
“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.”
Ethereum has been one of the main headliners in the recent crypto bloodbath, trading as low as $249 on Monday and still being down 22% over the past week, despite the last recovery to about $280.
At this moment, Hayes is confident that “Ether goes from a 3-digit to a 2-digit sh*tcoin.”
ETH Nosedives 15%, Crypto Market Value Drops To $28 Billion
“Mid/long term bullish; Short term bullish above 11500/11600, bearish below 11300; R: 11800, 12000, 12300, 12500; Key level above for bears to defend is 12300; if price moves below 11300, 10000-9650 is first larger target area. 50 DMA stands at 9760.’’Kruger cited that the remark of the U.S. President Donald Trump on bitcoin dismissing the cryptocurrency as an asset class, has potential short term bear signals:
“Many have interpreted Powell’s testimonies & Trump’s bitcoin remarks as short term bearish. The long-term impact could be seen as either bullish (awareness) or bearish (increased regulatory tail risk). Coupled with a lower high, the balance has shifted slightly to the downside.’’Despite the downside movement of the number one cryptocurrency and the rest of the cryptocurrency market was technical and many executives considered the first remark on bitcoin by the US President as a positive indicator. The regarded trader Cred stated that the $10,900 to $11,000 range is a very important support level and he stated:
“$10,900-$11,100 has been support. A strong daily close through that level would be good evidence that sellers are in control. Losing $10,500 would support that idea. Weekly chart looks heavy with price being accepted below $11,700 area. Bullish bias only above major S/R.’’As noted in the latest cryptocurrency news, other technical analysts Josh Rager explained how eth nosedives and how the bears made a comeback in the past week citing a $10,500 as an important level for bitcoin.
Ethereum Based Augur Enhancement App Veil Shuts Down Its Shop
“We didn’t offer a good onboarding experience. Crypto as a user base is still early, and we didn’t make it easy enough for users without crypto or a wallet to get started," the statement said.Some of the other areas of concern he noted included not being decentralized, not being regulated and perhaps trying to offer too many options as a broad scale predictions marketplace.
“… ultimately we failed to find a good fit between what we were building and the market as it exists today. … But today the community of users is small, and we think there are higher impact products and services we can build for the immediate future," Fletcher-Hill wrote in the altcoin news.
Ether Is Consolidating The Losses Against Bitcoin
Ethereum’s Biggest Threat Could Be Binance According To Analysts
“They’ve asked for big listing fees. They influence which coins win and lose by deciding which trading pairs they have – so it’s weird to criticize that one decision (the delisting) without looking at all their others.”As noted in the latest cryptocurrency news, Buterin is one of the very few people to criticize exchange listing fees but Binance was not named directly. He added:
“We can really take away this stupid king making power that these centralized exchanges have where they have this ability to just decide which tokens become big by deciding to list them and then charging these crazy $10 million to $15 million listing fees. The more we can get away from that world and into something which actually satisfies the blockchain values of openness and transparency the better.”
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