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 nominal GDP growth, if credit growth is slow in the major economies.BTCEtherETHThe price of a ) may fall to the ranges between $100,000 and $3,000.
Hayes has sold more than $13M worth of ETH and ENA
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.ENAThe Pepe (PEPE) memecoin.
Hayes’ wallet which was used to carry out the recent sales now contains $28.3 millions in tokens with $22.95 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 progress. Credit tightening, 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 fell 12.5% from July 14 to now eclipsing the $3,900 barrier CoinGecko is celebrating its 28th anniversary on 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
Bitcoin’s recent double-digit declines are no longer a concern for many analysts.
Eric Balchunas of Bloomberg ETF is one such 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 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
