Co-founders of the crypto exchange platform BitMEX predict that Bitcoin (BTC) and Ethereum (ETH) will continue to fall in price following the collapse of Terra (LUNA) this week.
In a new blog post, Arthur Hayes states that he is preparing to accumulate both crypto assets as he anticipates a drop to a major cyclical low.
According to Hayes, he will buy BTC for $ 20,000 and ETH for $ 1,300.
“These levels almost correspond to record highs for each asset in the bull market in 2017/18.”
At the time of writing, Bitcoin is trading at $ 29,878. Ethereum is trading at $ 2,049.
Hayes says the crypto capital markets need to determine who is overexposed to things related to Terra.
“Services that offer above average yields that are likely to be exposed to this soap opera experience a rapid outflow.
And given that most people never read how any of these protocols actually work in a painful scenario, it’s a practice to sell first and read later. This continues to weigh on all crypto assets as all investors want to lose confidence, rather suck their thumbs, clench their security blankets and hold cash.
After the phlebotomy is over, the crypto market must be given time to recover. “
Terra, a decentralized financial payments ecosystem, has collapsed and lost all its value earlier this week.
However, Hayes says he hasn’t changed the position of the structurally long cryptocurrency, even though it has lost its value.
“If anything, I value the various altcoins I own and increase my exposure.”
In March, Hayes and fellow BitMEX co-founders Benjamin Delo and Samuel Reed plead guilty to violating a law requiring financial institutions to help the government detect and counter money laundering plans. I did.
The US Department of Justice (DOJ) claimed that the trio was deliberately unable to maintain the anti-money laundering protocol and benefited from transactions with US-based customers while operating abroad.
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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 TheDailyHodl participates in affiliate marketing.
Featured images: Shutterstock / Mia Stendal / S-Design1689 / monkographic
