The crypto market is passing through a rather dark phase and the situation is far from favourable. However, former BitMEX CEO, Arthur Hayes is determined to seek the silver lining as he confidently says that it might be “Time to go shopping.” The growing market bearishness has been a major letdown for the crypto community, and with the prices crashing at an alarming pace, weariness and uncertainty are looming large in the background. Despite the throes of the crash, Hayes is rather confident about the light at the end of the tunnel, and perhaps he might not be completely wrong. Read along to know more. Perhaps it is indeed time to take out your shopping bags.
The What and Why
Arthur Hayes, the former BitMEX CEO has quite a lot of experience to attest to his probable wisdom. Before stepping into crypto, Hayes worked as an equity derivatives trader for Citigroup and Deutsche Bank. This means that what he says cannot be dismissed easily as a deluded comment springing from pseudo optimism which most individuals in the community tend to develop during a time of crisis. Hayes believes that the current price action which is rather offputting shouldn’t be the cause of worry for those trading with a fundamental thesis.
The former CEO believes that the price action should not be considered a threat unless and until it invalidates the core principles of one’s thesis. Thus the best way forward for traders is to ignore the recent downward spiral and peg their hopes to the success of the Merge upgrade.
Although Hayes might have a point, it is rather hard to completely ignore the price action, the tremors of which have completely shaken the crypto market. Several major cryptocurrencies have suffered significant losses over the past 48 hours, with main players like Bitcoin and Ethereum slipping below $22,000 and 1$17,000 respectively.
Hayes expected ETH to underperform in comparison to bitcoin if the Merge were to be a failure. However, this has not been the case. The pair have indeed rallied since the low recorded in June, and this could perhaps be counted as a temporary relief.
