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 a sluggish increase in credit growth across major economies, which is preventing nominal growth in gross domestic product.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, 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 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 Investors’ confidence may be tested by a softening jobs market, which could lead to a 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 has a special offer for July 28. data shows.
Bitcoin’s price dropping to $100,000 represents an 18.7% correction.
Bitcoiners: This time it is different
Many industry analysts believe that Bitcoin has passed the days of double-digit price declines.
Eric Balchunas is a Bloomberg ETF Analyst. noted Since BlackRock’s spot Bitcoin ETF Bitcoin will be able to file in June 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
“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
