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The outspoken founder of derivatives exchange BitMEX updates his crypto outlook amid a brutal market meltdown.
Arthur Hayes believes the bottom has not yet been hit and predicts further impacts to come after the collapse of crypto exchange FTX.
haze Predict No one can and will not save FTX. It also said it would take years for investors whose funds were frozen to get their principal back.
If Changpeng Zhao, the richest person in cryptocurrency, cannot trade, no one can trade.
FTX customer deposits can only be collected in bankruptcy court and take years to sort out. Mt. Gox’s creditors have yet to receive the funds and it has been almost a decade.
Hayes expects crypto trading platforms and money managers to step up their policies in the wake of FTX’s demise.
Neither your keys nor your coins. Expect all exchanges to keep their customers capital tightly guarded. No more need to get credit from so-called crypto prime brokers. No more polite phone calls asking for an extra merciless liquidation.
Money managers who lose money on FTX will initially withdraw from trading and reduce the number of trading venues they operate.
Hayes said long-time crypto investors are still waiting to enter the market at lower prices, suggesting where Bitcoin (BTC), Ethereum (ETH) and Solana (SOL) could bottom out. I have detailed what there is.
It doesnt take long to push the market to a much lower level and crunch other over-leveraged players. Please keep
For US CPI [inflation data] come “hot” [on Thursday] At 7% or 8%, we expect the TradFi market to enter the weekend. Crypto will drop further and a surrender candle is likely over the weekend when fiat rails are closed.
The Crypto OG Diamond Hand is waiting for a lower level and steps in to further increase the stack.
Bitcoin (BTC) = $10,000 $15,000
Ethereum (ETH) = $750 $1,000
Solana (SOL) = $3
Until proven otherwise, assume that all counterparties have or had exposure to one of SBF’s companies. I mean, if you don’t trust them to be honest about the loss of a salad remark that doesn’t really say much. GTFO!
Hayes expects the Federal Reserve to cut interest rates next year, paving the way for the next crypto turnaround.
“I’ve been trading cryptocurrencies longer than I’ve been trading TradFi and I’m still speechless about what’s going on.
The sooner we accept the loss, the sooner we will bottom out and be ready for the Fed pivot in 2023. At worst, the zombies will still be among us when yield curve control begins in earnest.
It’s been a long time but good luck, the band is still playing and there is money to be made both ways.
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