BitMEX Bets on Ethereum Price Falling in 2020: 'We Are About to Put On Our ETH Shorts'

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Sun, 01/05/2020 - 10:32
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    BitMEX researches believe that it's about time to put their Ethereum shorts on as the ETH price remains steady above the $130 level

Cover image via 123rf.com
Contents

BitMEX, the number one destination for those who trade crypto derivatives, has just expanded the list of its 2020 prediction by adding Ethereum (ETH). In its tongue-in-cheek tweet, the Arthur Hayes-helmed trading platform bets against the largest altcoin that closed 2019 with a loss. 

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Putting on Ethereum shorts 

BitMEX Research, which provides 'unbiased' updates on the development of the cryptocurrency ecosystem, is certain that it's about time to put metaphorical Ethereum shorts on even despite the cold weather. The most hilarious part about this bearish price call is that they have a pair of literal shorts with the Ether logo in a glass picture frame that is waiting for an emergency. 

Ethereum shorts
image by @BitMEXResearch

Earlier, U.Today shed light on other BitMEX price predictions such as Bitcoin not surging above $15,000 in 2020 despite the halving hype. Meanwhile, the price of Matic (MATIC), which flash-crashed by an eye-popping 70 percent in early December, is expected to drop by 80 percent more.        

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Will Vitalik Buterin pull an Elon Musk?  

Back in November 2019, Elon Musk mastered the art of trolling his naysayers by offering staunch Tesla short-seller David Einhorn "a pair of short shorts" as a gift. This came after the prominent hedge fund manager lost big due to surging Tesla shares.

Considering that Ethereum is historically on a roll in Q1, BitMEX researches might end up with an egg on their faces. For instance, the O.G. altcoin surged 52 percent at the beginning of 2019, and things time around things might not be different. 

At press time, ETH is changing hands at $135, CoinStats data shows.     

 
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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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