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 sluggish growth of credit in many major economies.BTCEtherETH( ) may fall even further to the levels of $100,000 and $3,000.
Hayes sold over 13M ETH, ENA, and PEPE
It is not a good idea to use the word “you” comments The weekend has come. response Lookonchain’s blockchain analytics platform published a X-post highlighting that Hayes had recently sold $8.32 Million worth of ETH and $4.62 Million of Ethena.ENAIt is estimated that the total cost of Pepe’s (PEPE) memecoin.
Hayes’s wallet which was used to carry out the recent sales now has $28.3million worth of tokens with $22.95million in USDC.USDC) stablecoin, according Arkham Intelligence provides data.
Bitcoin is on the brink of a double-digit correction
Hayes comments reflect a wider fear that macro-headwinds may stall the crypto movement. 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’s price has dropped by over 7,7%. $123,000 all-time high Ether has fallen 12.5% in the last 12 months. eclipsing the $3,900 barrier CoinGecko has a special offer for July 28. data shows.
Bitcoin’s price dropping to $100,000 represents an 18.7% correction.
The Bitcoiners claim that this time is different
Many analysts, however, believe Bitcoin’s days of massive double-digit declines are over.
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
