Bitmex CEO Arthur Hayes says that ; that Ether is a “shitcoin” and its price had only been pumped by the massive number of initial coin offerings (ICOs) launched through the Ethereum platform. The BitMEX founder also said that many of Ether’s investors were venture capitalists who had been lured in because of the skyrocketing prices of cryptocurrencies in late 2017. However, now that they’ve seen the crypto market shed over $600 billion since January 2017, many VCs may just decide to dump their Ether and/or ERC-20 tokens because they might not be able to stomach more losses.
In fact, as reported by Crypto Globe, blockchain startup Axoni successfully completed a Goldman Sachs-backed $32 million Series B investment round. Lubin further noted that many speculative traders had been driving the crypto market’s prices, the “types” that “feel like their fortunes are rising and falling” simply from daily price fluctuations.
While Hayes may have accurately described the mentality of some crypto traders, it now seems unlikely that Ether’s price will fall below $100, or even below $200.
What did you say about that? Leave a comment below. Thank you
