Richard Heart Antagonist Eric Wall Cashes in On Falling HEX Price

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Eric Wall, for­mer Chief Invest­ment Offi­cer of Arcane Assets, is cel­e­brat­ing as he cash­es in on the falling HEX price, just days after the Swedish cryp­tocur­ren­cy ana­lyst debat­ed HEX founder Richard Heart.

The two men met on May 24 to film a seg­ment for Heart’s upcom­ing doc­u­men­tary, “The High­est of Stakes.” Wall was invit­ed to par­tic­i­pate because the film-mak­ers believe a “great sto­ry requires con­flict,” and Wall’s oppo­si­tion to the project is well pub­li­cized and long-standing.

HEX was trad­ing for $0.5561 at its all time high (ATH) in Novem­ber 2021. 

HEX is cur­rent­ly trad­ing at $0.072209, down 46.2% in the last 7 days.

Head over Heart’s ‘dumbest thing’

Heart first explained HEX to Eric Wall in 2019, which raised Wall’s ears almost immediately.

“Sor­ry Richard, this is the dumb­est f**king thing I’ve ever heard in my life,” he replied. Wall’s cur­rent excite­ment stems from the now declin­ing for­tunes of HEX, some­thing the ana­lyst-come-provo­ca­teur has been able to per­son­al­ly lever­age for profit.

Wall has not been shy to bet against the project, mak­ing a num­ber of high pro­file calls against HEX in both the short and medi­um term. In Feb­ru­ary, Wall made a $20,000 bet that HEX would not break its pre­vi­ous ATH of $0.56. 

The plum­met­ing price of HEX has giv­en Wall cause for seri­ous cel­e­bra­tion, allow­ing the trad­er to hedge his pre­vi­ous bet by pur­chas­ing the token at a vast­ly reduced value.

“Today, I offi­cial­ly cov­ered my short,” tweet­ed Wall on May 27. “I pur­chased 71429 HEX @ $0.0420 for a grand total of $3000, net­ting me a guar­an­teed prof­it of $17,000 at minimum.”

Wall lat­er expressed dis­ap­point­ment that no one found his “420” price action joke amus­ing, even though Musk told it better.

Hitting the wall

Fol­low­ing Heart and Wall’s first encounter in 2019, when HEX was trad­ing at mere frac­tions of a cent, the cryp­tocur­ren­cy went on a con­sid­er­able bull run. In the imme­di­ate after­math of this lat­est debate the cryp­tocur­ren­cy fared less well.

It is unclear whether the con­tent of either con­ver­sa­tion had any bear­ing on price action. On Fri­day, the price of HEX fell as low as $0.04988, with the price recov­er­ing by approx­i­mate­ly 20%, to $0.07251 on Saturday.

The mar­ket has been sig­nif­i­cant­ly more volatile in the wake of the Ter­ra (LUNA) dis­as­ter, with the total size of the mar­ket shrink­ing from $1.9 tril­lion on May 5 to $1.2 tril­lion today.

It’s clear that HEX slammed into a wall this week, but that wall wasn’t Eric Wall.

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All the infor­ma­tion con­tained on our web­site is pub­lished in good faith and for gen­er­al infor­ma­tion pur­pos­es only. Any action the read­er takes upon the infor­ma­tion found on our web­site is strict­ly at their own risk.



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