Arthur Hayes, former CEO of crypto derivatives exchange BitMEX, warned investors that all crypto assets except Bitcoin (BTC) and the leading altcoin Ethereum (ETH) could see devastating losses. For details cryptocoin.com keep reading.
“I will dispose of cryptos other than leading crypto and leading altcoin”
In a new article, Arthur Hayes says that if BTC and ETH drop below $30,000 and $2,000 respectively in the coming months, he will consider selling all other crypto assets as they could see staggering losses:
If I believe that Bitcoin will be trading below $30,000 and Ether below $2,000 in a three to six month timeframe, I will trash all my sh*tcoins. This is because Bitcoin and Ether are the highest quality cryptocurrencies and have fallen less than any of their yet unproven rivals.
According to the famous CEO, any private project using Bitcoin or the leading altcoin Ethereum Blockchain will also experience a gravity higher than 9.8 m/s. Arthur Hayes states that such altcoin projects can drop from 75% to 90% in a true crypto crash. Arthur Hayes also says that if BTC and ETH correct below the previous bull market highs, he will begin to question the value of the two biggest crypto assets:
If Bitcoin trades at $20,000 or below, or Ethereum trades at $1,400 or below, I’m going to start to suspect that these cryptos will be able to hold their value in terms of energy. These two levels were previous all-time highs during the 2017 bull market. But this is the fiat money price. If oil turns negative again, then who cares if benchmark cryptos make less fiat money?
While BTC is trading at $42,086 at the time of writing, it is 20.98% off its 30-day peak of $50,830. ETH, on the other hand, is trading at $3,170, down 35% from its 30-day high of $4,179.
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