Maelstrom Fund chief investment officer Arthur Hayes has warned that mounting macroeconomic pressures could drag Bitcoin back down to the $100,000 level — and he’s already taken crypto profits in anticipation.
Hayes linked the recent crypto pullback to renewed tariff fears sparked by the disappointing Non-Farm Payrolls report, which showed just 73,000 new jobs added in the US in July — a sign of economic fragility.
Hayes warned that Bitcoin could be a threat to the global economy due to the slow credit growth of major economies.BTCEtherETHThe price of a ) might fall to levels between $100,000 and $3,000
Hayes sold over 13M ETH, ENA, and PEPE
The following is a list of the most recent and relevant articles. comments The weekend has come. response A post on the blockchain analytics platform Lookonchain highlighted Hayes’ recent sale of $8.32 millions worth of Ethereum, and $4.62million of Ethena.ENAIt is estimated that the total cost of Pepe’s (PEPE) memecoin.
Hayes, the wallet used to carry out the recent sales of tokens and USDCs, has now accumulated $28.3 millions worth.USDC) stablecoin, according Arkham Intelligence Data
Bitcoin nearing a correction of double digits
Hayes’ remarks echo broader fears that macro headwinds might stall cryptocurrency’s progress. Tight credit. renewed tariffs A softening of the job market could put pressure on risky assets. This would test investor confidence and trigger a possible correction.
Bitcoin is down over 7.7% since the beginning of 2017. $123,000 all-time high Ether has fallen 12.5% in the last 12 months. eclipsing the $3,900 barrier CoinGecko is celebrating its 28th anniversary on July 28. data shows.
Bitcoin’s price dropping to $100,000 represents an 18.7% correction.
Bitcoiners: This time it is different
According to many analysts, Bitcoin’s days of massive double-digit declines are over.
Eric Balchunas is a Bloomberg ETF Analyst. noted Since BlackRock’s spot Bitcoin ETF Bitcoin is expected to be filed in June of 2023. “much less volatility and no vomit-inducing drawdowns.”
Related: Ray Dalio sells final Bridgewater stake after predicting debt collapse
Mitchell Askew: Head analyst for Bitcoin mining company Blockware Solutions added: “The days of parabolic bull markets and devastating bear markets are over.”
Magazine: Crypto traders ‘fool themselves’ with price predictions: Peter Brandt
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cointelegraph.com
