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Arthur Hayes: Ethereum (ETH), A "Double Digit S * hitcoin"
At the end of August of this year, Arthur Hayes, managing director of BitMEX, the most important cryptic exchange in the world, turned to the internal blog of his company to publicize some controversial sentiment. In a large post, the former institutional trader began his collapse of Ethereum (ETH) by telling a personal story, hyperbolized to express a point.
The CEO of BitMEX discussed a s-hitcoin named Pepe Cash, a striking combination of a popular internet meme and Bitcoin Cash, and somehow connected him to Ethereum, which Hayes evidently nourishes resentment. Hayes, impregnating the editorial with his normal swagger – unfiltered statements, insane calls and everything else – also noted that ETH could "switch from a 3-digit hit to a 2 * s".
Supporting his affirmation, which was heated to say it lightly, Hayes drew attention to projects funded by ICO, many of whom based their operations on Ethereum, venture capitalists "turned into hedge funds. -committers "and cryptocentric funds.
Hayes' punishment on Ether was quite extensive, but Hayes believed there was enough sales pressure to push the good under $ 100, which was located at $ 200 at the time of the BitMEX press.
While many supporters of Ethereum and "altmoin maximalists" laughed for the savant industry for its sentiment, lambast prediction (of sorts) as adventurous, on Thursday, the resource finally showed signs of falling to double digits.
At the beginning, during the small hours of Thursday morning, ETH suddenly crashed at $ 13 on Coinbase Pro, directly out of the field on the left.
Ethereum has flashed on Coinbase …
…YET!!!
What is ETH and the Coinbase! 😂 pic.twitter.com/7wB4PZpt7H
– Kevin Pham (@_Kevin_Pham) 6 December 2018
Although this move was not supported by a clear catalyst, nor has Coinbase recently issued a statement, a number of Ether skeptics have taken on Twitter to state that the time of the asset had expired. The decentralist Kevin Pham, a zealous Bitcoin masseur and an anti-ETH fanatic, followed his Twitter to say that both the asset and Coinbase were a "s * hitshow".
Others questioned, with Tron's Justin Sun telling the developers to "leave Ethereum and join Tron". NVK, a pseudonym encrypted commentator, also expressed his thoughts, pointing out that the above mentioned project is "centralized," before asking its followers to use Bitcoin and its newly established Liquid network to issue tokens.
While ETH subsequently resumed at $ 100, with those who bought at the bottom making 770% close to the moment, activity continued to decline on Thursday, following BTC which fell below $ 3,500. In the end, the resource fell below $ 100, after remedying a key psychological, technical, and fundamental level for hours and hours. While BTC continues to stumble, moving recently under $ 3,350 in a seemingly endless downtrend, ETH has followed the example, moving to $ 98 before quickly finding itself at $ 88, where it found itself .
So, for the second time in weeks, it seems that Arthur Hayes has made a successful prediction against cryptography, as BitMex's brass member asked BTC to pass $ 5,000 earlier.
$ ETH Longs pic.twitter.com/8jXhuumtye
– Alex Krüger 🇦🇷 (@Crypto_Macro) December 7, 2018
Bearing in mind all this turmoil, a number of analysts and market commentators have taken to Twitter to propagate their thoughts. Alex Kruger, a major analyst / investor of macro-crypto-friendly markets, has published the photo above, evidently summarizing the sentiment of Ether owners in a simple image.
The believers of Ethereum keep faith
Although the sentiment traded by traders is undoubtedly bearish, a number of irreducible believers in this "world computer" project has maintained their upside sentiment. Tom Lee, head of Fundstrat's research, recently brought to Blockshow Asia to state that Bitcoin, XRP and Ethereum always have power, due to their status as established networks with allegedly bona fide cases.
Mihailo Bjelic, a blockchain researcher, led on Twitter to argue that while ConsenSys, a recently retrenched Ethereum development consortium, remains a booming project.
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
ShapeShift CEO Erik Voorhees, responding to criticisms of Peter Schiff's ETH, a Bitcoin hate, joked "[Ether] HODLER are crying all the way to the bank … even if they no longer need the banks. "
Title Image Courtesy of Pedro Gabriel Miziara on Unsplash
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