BitMEX Co-Founder Arthur Hayes Issues Altcoin Warning, Says Everything but Bitcoin and Ethereum Could Crash Up to 90%

Arthur Hayes, former CEO of crypto derivatives exchange BitMEX, has issued a warning to investors, saying that all crypto assets except Bitcoin (BTC) and Ethereum (ETH) could experience devastating losses.

In a new article, Hayes says that if BTC and ETH fall below $30,000 and $2,000, respectively, in the coming months, he will consider dumping all his other crypto assets as they could see staggering losses.

“If I believe that Bitcoin and Ether can trade under $30,000 and Ether under $2,000 in a three to six month time horizon, I will get rid of all my coins. This is because Bitcoin and Ether are the higher-quality coins, and they will drop by less. From all of their competitors that have not yet proven.

Any specific applications that use the Bitcoin or Ether blockchain will also experience a gravitational pull greater than 9.8m/s. These coins can drop 75% to 90% in a crypto-risk-free environment.”

Hayes also says that if BTC and ETH correct their previous lows in a bull market, he will start to question the value of the two largest crypto assets.

“If Bitcoin trades at or below $20,000 or Ether trades at $1,400 or less, I will start to question whether these cryptocurrencies can maintain their value in terms of energy.

These were the previous all-time highs during the 2017 bull run. But this is the fiat price, if oil turns negative again, who cares if the benchmark cryptocurrency fetches fewer fiat units? “

BTC is trading at $42,014 at the time of writing, down 20.98% from the 30-day high of $50,830 while ETH is trading at $3,134, down 35% from the 30-day high at $4,179 .

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