- Bitmex Founder Arthur Hayes says that he is a buyer of Bitcoin at $20k and Ethereum at $1,300
- He says that these Bitcoin and Ethereum values make sense because they are higher than their all-time highs
- Mr. Hayes warns that the crypto-meltdown may not be over and that the LUNA
- He warns the Fed rate increases ‘will continue to destroy long-duration risky assets ‘
- Arthur Hayes also admits that he did not expect Bitcoin to retest $30k as fast as it did
The founder and former CEO of Bitmex Arthur Hayes , once again shared his valuable insights on the future of digital assets including Bitcoin and Ethereum.
In a recent blog post, Mr. Hayes stated that he will be a buyer of Bitcoin and $20k and Ethereum at $1,300 as these values correspond to previous all-time highs set in the 2017 to 2018 bull market.
This Bitcoin & Crypto Meltdown Isn’t Over ‘
His analysis focuses on the crypto-meltdown caused by UST depegging , and the Luna Foundation selling all of its Bitcoin holdings in an attempt to save the stablecoin.
According to Mr. Hayes the market turmoil isn’t over. The US Fed continues its mission to raise interest rates to combat inflation. Accordingly, risky assets, such as Bitcoin will continue to be affected by the markets. He stated:
During a proper meltdown, the market seeks out those indiscriminate sellers and forces their hands. To defend the UST.USD peg, the Luna Foundation forced all Bitcoin to be sold. This exacerbated the week’s plunge.
US April CPI came in at 8.3% YoY. This is lower than the previous reading, 8.5% YoY. The Fed cannot abandon their quest to fight inflation. 8.3% is too high. A June 50bps hike is the expectation, and this will continue the