Crypto Insider Issues Stern Warning For Bitcoin, Ethereum, Altcoins And Stocks, Says Large-Scale Carnage Is Coming
The co-founder of cryptocurrency exchange BitMEX believes that Bitcoin (BTC), Ethereum (ETH), altcoins, and the stock market are headed for a big price drop.
In a new essay, Arthur Hayes He says The Federal Reserve and other central banks around the world are fighting inflation by tightening monetary conditions.
According to Hayes, the aggressive stance of central banks around the world does not bode well for the Nasdaq 100 (NDX), which is highly correlated with Bitcoin and Ethereum.
“Global growth will decline due to rising commodity prices driven by the continuation and possible escalation of the war between Russia and Ukraine. This, in the absence of accommodative central banks, will also weigh negatively on stonks. [stocks]. Ipso facto, NDX will fall and so will cryptocurrencies.”
Hayes predicts that Bitcoin will crash to $30,000 and Ethereum will drop to $2,500 by the end of Q2 2022.
“There is not much science in these numbers apart from an intuition. The annoying part is that there are a number of altcoins that I have started to accumulate because the prices are quite attractive. Even though some of these coins are already down 75% from their all-time high, I don’t think they can escape the crypto carnage to come. As such, I am buying the June 2022 dip in both Bitcoin and Ether.”
In February, Hayes and Benjamin Delo, another co-founder of BitMEX, pleaded guilty to violating the Bank Secrecy Act by knowingly failing to establish anti-money laundering protocols on their exchange.
Both Hayes and Delo agreed to pay $10 million in fines, according to the Justice Department.
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source: dailyhodl.com