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 has also warned of the dangers that Bitcoin poses. He cited sluggish global credit growth, which is a major factor in the slowdown in nominal growth.BTCEtherETHThe price of a ) might fall to levels between $100,000 and $3,000
Hayes sold more than 13M ETH, ENA, and PEPE
It is not a good idea to use the word “you” comments On Saturday, the weekend came. 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’ wallet, which carried out recent token sales, now contains $28,3 million in tokens. Of this amount $22,95 million is in USDC.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 momentum. 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 fell 12.5% from July 14 to now eclipsing the $3,900 barrier CoinGecko has a special offer for July 28. data shows.
If the Bitcoin price drops to $100,000, this would be an 18.7% drop.
The Bitcoiners claim that this time is different
Most analysts do not believe Bitcoin will ever experience a major drop of more than double digits.
Eric Balchunas is a Bloomberg ETF Analyst. noted BlackRock has been a spot since BlackRock 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 is the head analyst at Blockware Solutions, a Bitcoin mining company. added: “The days of parabolic bull markets and devastating bear markets are over.”
Magazine: Crypto traders ‘fool themselves’ with price predictions: Peter Brandt
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Source: cointelegraph.com
