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Altcoins May Lose Another 50% of Their Value in Upcoming Weeks: Bitmex Co-Founder Arthur Hayes

Fri, 06/17/2022 - 08:18
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Arman Shirinyan
Altcoins are set for another plunge, according to co-founder of one of biggest derivatives trading platforms on crypto market
Altcoins May Lose Another 50% of Their Value in Upcoming Weeks: Bitmex Co-Founder Arthur Hayes
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"Sometimes you just want to experience pain to remind yourself that you still exist" is the beginning of a new article shared by the co-founder of one of the biggest cryptocurrency derivatives trading platforms in the world, in which he describes how altcoins may lose another half of their value in the upcoming weeks.

Hayes suggests that the liquidity situation on the cryptocurrency market will be in trouble in the second part of the year and, potentially, at the beginning of 2023. He also admitted that the two bottom predictions he gave previously were wrong. In his previous articles, Hayes mentioned that ‌Ethereum will drop to at least $1,500, and Bitcoin is set for a plunge to $25,000.

Mike Novogratz Says It's Going to Take a While for Bitcoin and Ethereum to Recover

The basis of his most recent prediction is the Fed's desire to push the new 75 bps rate hike, which is expected to push investors that are avoiding risk exposure even further away from risky assets like cryptocurrencies. The co-founder even predicted a certain date range in which the market may face the biggest pressure, which would be June 30-July 5 when the Fed's beginning balance sheet starts shrinking.

The 100x founder tells readers in his article that he will be looking for dips in the bear market and remains extremely bullish on the Ethereum Name Server project and NFT marketplaces like Looksrare, with token Looks, that has lost 98% of its value and remains at the absolute bottom.

Elon Musk Facing $258 Billion Lawsuit for Promoting Dogecoin

At press time, altcoins like Ethereum and Solana are showing a massive 40% loss in the last four weeks, which makes another 50% plunge expected by Hayes a catastrophe for holders.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.