Crypto exchange co-founder BitMEX predicts that Bitcoin (BTC) and Ethereum (ETH) prices will continue to decline following this week’s Terra (LUNA) crash.
In a new blog post, Arthur Hayes reported that he is preparing to hoard both crypto assets as he predicts a new drop. Hayes is waiting to be a buyer of BTC at $20,000 and ETH at $1,300.
“These levels correspond to all-time highs for each asset during approximately the 2017/18 bull market.”
Bitcoin is trading at $28,900 at the time of writing. Ethereum is trading at $1,969.
On the other hand, Hayes made the following prediction for the market in general, referring to the problem with Terra of crypto capital markets:
“Given that most people never read how any of these protocols actually work in hazard scenarios, this would be a sell first, read later exercise. This is where all investors trust, all investors lose their trust. […] and will continue to dominate over all cryptos as it prefers to hold fiat cash.
Once the downturn is over, crypto equity markets should be given time to recover.”
Decentralized finance payments ecosystem Terra crashed earlier this week and lost all of its value. However, Hayes said that despite their depreciation, structurally, long crypto positions did not make any changes.
Most recently, in March, Hayes and BitMEX co-founders Benjamin Delo and Samuel Reed were found guilty of breaking a law that required financial institutions to help the government detect and counter money laundering schemes. The US Department of Justice (DOJ) claimed that the trio deliberately failed to maintain anti-money laundering protocols and profited from the transactions of US-based clients while operating outside the country.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.