Arthur Hayes, former chief executive officer of the crypto derivative exchange BitMEX, has warned investors that all crypto assets except Bitcoin (BTC) and Ethereum (ETH) could suffer catastrophic losses. increase.
In a new article, Hayes will dump all other crypto assets as BTC and ETH can see tremendous losses if they fall below $ 30,000 and $ 2,000, respectively, in the coming months. It states that it will consider.
“If you believe that Bitcoin can trade for less than $ 30,000 and Ether for less than $ 2,000 in a period of 3-6 months, dump all sh * tcoin. This is for Bitcoin and Ether. Because it is the highest quality coin and has less decline than all unproven competitors.
Certain applications that use Bitcoin or Ether blockchain also generate gravity in excess of 9.8 m / s. These sh * tcoins can be reduced by 75% to 90% in a true crypto risk-off environment. “
Hayes also states that if BTC and ETH fall below previous bull market highs, they will begin to question the value of the two largest crypto assets.
“If Bitcoin is trading for less than $ 20,000, or Ether is trading for less than $ 1,400, we start to wonder if these ciphers can maintain their value in terms of energy.
These two levels were record highs in the bull market in 2017. But it’s a fiat price. Who cares if the benchmark crypto gets fewer fiat credits if oil goes negative again? “
BTC is trading at $ 42,014 at the time of writing, while ETH is trading at $ 3,134, down 20.98% from the 30-day peak of $ 50,830 to the 30-day high of $ 4,179. It has decreased by 35% from.
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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors need to do due diligence before making risky investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfer and transaction is your own responsibility and any loss you may incur is your responsibility. Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets. Also, Daily Hodl is not an investment adviser. Please note that The Daily Hodl participates in affiliate marketing.
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