BitMEX CEO Arthur Hayes Gets High Off Ethereum Barely Dropping Below USD 100 For A Minute
The CEO of BitMEX, Arthur Hayes, got the thrill of his year when Ethereum dropped slightly below USD 100 for a minute on one of the 400 cryptocurrency exchanges that offers Ethereum trading. This warranted blasting that Ethereum was ‘2 ************ digits’ on Twitter to his 34,000 followers, even though the CoinMarketCap average for Ethereum never dropped below USD 101, and its price quickly bounced back to USD 110. That being said, with the ICO space in a panic induced frenzy, it probably will not take long for Ethereum to solidly drop below USD 100.
— Arthur Hayes (@CryptoHayes) November 25, 2018
This is because Arthur Hayes said Ethereum would become a double digit shitcoin back in August 2018, when Ethereum was still around USD 300. This would make Arthur Hayes some sort of Nostradamus for Ethereum, and only Ethereum because his prediction in July 2018 for Bitcoin to hit USD 50,000 by the end of 2018 is obviously not going to verify, although his call for the bottom price of Bitcoin in 2018 might be accurate.
However, Arthur Hayes would more appropriately be called an Etherem Napoleon rather than an Ethereum Nostradamus, since he actively took steps to wreck the Ethereum market at the exact same time he announced it would become a double digit shitcoin, by launching an Ethereum derivatives market on BitMEX.
This allows traders to short Ethereum with 100X leverage, which ultimately magnified any bad news for Ethereum into serious market crashes. A good metaphor for this: Let’s say Ethereum is a person swimming at the beach, and Ethereum cuts it foot on a seashell. The small amount of blood released into the water causes a bunch of sharks to devour Ethereum; yes, in this example the sharks are BitMEX traders shorting with 100X leverage. Bitcoin has this same problem too, since billions of USD of Bitcoin derivatives are traded on BitMEX every day. BitMEX basically allows its traders to profit off the crypto markets getting rekt.
For a man who can afford any material thing, such as filling an olympic sized swimming pool with a different flavor of jello and then driving a new Lamborghini into that pool every morning, I suppose there is nothing exciting anymore besides wrecking the #2 cryptocurrency with derivatives trading.