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Crypto Crash: Arthur Hayes Says It Might Be "Time for Shopping"

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Fri, 19/08/2022 - 15:36
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Crypto Crash: Arthur Hayes Says It Might Be "Time for Shopping"
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Arthur Hayes, former BitMEX CEO, has commented on the "ugly" price action in the cryptocurrency market in a recent Twitter thread.

Dismissing growing market bearishness, he writes that it "might be time to go shopping."

Hayes, who had worked as an equity derivatives trader for Citigroup and Deutsche Bank before venturing into crypto, believes that those who trade with a fundamental thesis should not be spooked by the current price action.

The former CEO believes that the price action should take a back seat unless it invalidates some core tenants of one's thesis.

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Hence, traders should ignore the recent downturn if they still believe that the Merge upgrade is going to be a success.

As reported by U.Today, major cryptocurrencies recorded significant losses over the past 24 hours, with Bitcoin and Ethereum slipping below $22,000 and $1,700, respectively.

If the Merge were to go awry, Hayes would expect Ethereum to significantly underperform compared to Bitcoin. However, this has not been the case. At press time, the ETH/BTC pair is sitting at 0.079 on the Binance exchange after surpassing the 0.080 threshold earlier this month. The pair has rallied significantly since the local low of 0.05 that was recorded in June.

As reported by U.Today, Hayes recently predicted that the price of Ethereum could reclaim the $5,000 level.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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