BitMEX ex-CEO Arthur Hayes has made a case for Ethereum ending the year trading at $10,000. However, the former exchange boss mentioned that things could go ugly by the middle of the year. According to Hayes, the digital asset has the biggest potential in the market due to specific positives. He also talked about the recent market crash that the Terra issue caused. The BitMEX ex-CEO mentioned that the Terra issue occurred because of the surge that the federal reserve rates witnessed.
BitMEX ex-CEO talks about the effects of Fed action
According to Arthur Hayes, Ethereum has the potential and backing to touch close to $10,000 on a bigger scale. Although the market has continued to suffer a drastic drop in prices, Hayes is confident that things would go back to normal soon enough. In his opinion, he feels that the central bank needs to take a backpedal in the way it approaches how it increases rates.
Hayes mentioned that Terra was bound to collapse due to the way the developers programmed the whole system. Although he questioned the role of the Fed on the issue, he mentioned that it was already set in stone from the beginning. However, the BitMEX ex-CEO says he believes this is only the beginning as more are scheduled to come out from it.
The Crypto market continues to bleed
In his statement, Hayes mentioned that once the scheduled migration on Ethereum is completed, the crypto can take 2022. He also mentioned that Ethereum has already leapfrogged Bitcoin and other digital assets to become the best form of investment across the crypto market. However, Ethereum would only need to transition to establish its leadership in the sector. Hayes put Ethereum over Bitcoin because it solves major problems.
On the other hand, he sees Bitcoin as just a form of money. Traders who chose to hedge their Ethereum could rake in a profit as high as 6.9%. Like Michael Saylor, the BitMEX e-CEO wants traders to get involved with Ethereum bonds. This is because anybody that purchases the asset would have a direct link to push its stock price. The market is still shaky at this time, with most tokens posting double-digit losses. Hayes believes that things could change if the Fed chooses not to put too much pressure on the crypto market. Ethereum is presently trading at $1,774, seeing a decline of about 1.95% in the last 24 hours.
Source: https://www.cryptopolitan.com/bitmex-ex-ceo-backs-eth-to-hit-10000/