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The crypto market is again in freefall and the price of Ethereum has reached its minimum of $ 85. Arthur Hayes, the CEO of BitMEX, which until now had been skeptical about Ether, has more reasons to be happy.
In August, he argued that Ethereum is a "shitcoin" whose price has been strengthened by initial offerings of coins (ICO) by at least the beginning of 2017. Most of the investments come from the Venture Capital (VC) companies, which he claims will eventually succumb to the bear market and unload their ether and ERC-20 tokens at whatever price they can get.
He wrote:
"The VC investor who has never suffered the vagaries of the market is as green as the noob who thinks he can move from 1 to 100 Bitcoins in just a few trading days, and they do not have the mental strength to cut positions to limit further losses. , or back up the truck and buy the appropriate dives even if they are down.On the more importantly, now the LPs can see a last-price target for a particular token and can not be fooled.They will try to be a quarterback on Monday morning, and this will only increase the anxiety of VC investors. "At a certain point, they do it and unload everything they can."
At the beginning BitcoinExchangeGuide reported that BitMEX had been charged with manipulating the price of Ethereum. Arthur Hayes had told the customers of the exchange, which has a leverage of 100x, short ETH. According to reports, he said that "if you are a Bitcoin-based speculator, this is the perfect way to bet on the ETH / USD price" and offered 50x leveraged swap ETH / USD using only Bitcoin, in a way that people did not have to tap ETH or USD.
However, many Ethereum supporters still maintain faith in the currency. Tom Lee told a conference in Asia that Bitcoin, XRP and Ethereum were not going anywhere due to their traditional adoption.
The ShapeShift CEO Eric Voorhes also echoed the same sentiments.
So what you're saying is that, even after the sale, Ethereum is still up 1,000% in two years. The Hodlers are crying to the bank … even if they no longer need the banks.
– Erik Voorhees (@ErikVoorhees) 6 December 2018
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