The co-founder of Bitmex, Arthur Hayes, has planned a net slowdown for the cryptography market, predicting that Bitcoin could fall to $ 100,000 and Ethereum at $ 3,000.
Its warning follows a combination of macroeconomic and low credit creation in global economies.
Crypto market reached $ 372 million in losses after Hayes warning
In an article of August 2 on X (formerly Twitter), Hayes awarded his prediction to the next bill on American tariffs, expected in the third quarter. He also highlighted wider economic challenges as a contributing factor.
In addition, the co-founder of Bitmex stressed that no great economy widens the credit quickly enough to increase nominal GDP. According to him, this could lead to a correction on the cryptocurrency market.
The downward position of Hayes seems to line up with the broader feeling of the market. The total market capitalization of cryptocurrency has dropped more than 3% in the last 24 hours, now at 3.76 billions of dollars.
According to Beincryptto data, Bitcoin has experienced significant volatility in the last 24 hours, from almost $ 114,000 to a lower week of $ 112,113. However, he recovered slightly at $ 113,494 at the time of the press.
Ethereum has followed a similar trend, from more than $ 3,500 to $ 3,373, only to regain land.
This slowdown in the net market has sparked nearly $ 372 million in liquidations in the past 24 hours, affecting more than 115,000 merchants.
Long traders, betting on a rebound in the market, dominated the volume of liquidation, representing about $ 322 million in losses.
On the other hand, short traders, who expected more prices, only experienced $ 65 million in liquidations.
Through the assets, Ethereum led the liquidation scanning, with approximately $ 119 million liquidated, followed by Bitcoin at $ 62 million.
Despite the hindsight, Eric Trump, son of US President Donald Trump, encouraged Bitcoin and Ethereum investors to take advantage of lower prices. He suggested that it was a good time to buy the dive.
In particular, his previous advice to buy Bitcoin during price corrections saw the asset increase by 15%, while Ethereum increased by 20%.
Investors now hope that the current Trump call will also reflect positive results of the past market.
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