2018-12-7 19:14 |
Crypto market is on a freefall again and Ethereum’s price has reached its year low mark of $85. Arthur Hayes, the CEO of BitMEX, who has been skeptical of Ether before now has more reasons to be happy.
In August, he had argued that Ethereum is a “shitcoin” whose price has been reinforced by initial coin offerings (ICOs) since at least early 2017. Most investments have come from Venture Capital firms (VCs), who he says will eventually succumb to the bear market and dump 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 or she can go from 1 to 100 Bitcoin in a few trading days. They don’t have the mental strength to cut positions to limit further losses, or back up the truck and buy opportune dips even though they are down. More importantly, LPs can now see an objective last price for a particular token, and can’t be hoodwinked. They will attempt to be a Monday morning quarterback, and that only adds to the VC investors’ anxiety. At a certain point, they go f*** it, and dump everything they can.”
Earlier BitcoinExchangeGuide had reported that BitMEX was accused of manipulation of price of Ethereum. Arthur Hayes had told the customers of the exchange, which has leverage margins of 100x, to short ETH. According to the reports, he affirmed that “if you are a Bitcoin-based speculator, this is the perfect way to punt on the ETH/USD price” and has offered 50x leveraged ETH/USD perpetual swaps using only Bitcoin, in a way that people did not have to touch ETH or USD.
However, many Ethereum supporters still maintain faith in the currency. Tom Lee had said at a conference in Asia that Bitcoin, XRP, and Ethereum are not going anywhere because of their mainstream adoption.
Even ShapeShift CEO Eric Voorhes echoed the same sentiments.
So what you’re also saying is that even after the sell off, Ethereum is still up 1,000% in two years. Hodlers are crying all the way to the bank… although they don’t need banks anymore, either.
— Erik Voorhees (@ErikVoorhees) December 6, 2018
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