Benzinga - Arthur Hayes, the co-founder of crypto derivatives trading platform BitMEX, outlined his views on the latest downturn in cryptocurrencies.
What Happened: According to the prediction posted by Hayes, “bottom is not yet in” and he forecasts “further fallout” after the collapse of the crypto exchange FTX (CRYPTO: FTT).
He believes that ‘Crypto OG Diamonds' referring to Bitcoin, (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL) “are waiting for lower levels and will step in to further increase their stacks.”
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Hayes predicts BTC will hover around the $10,000 to $15,000 range, while ETH between $750 to $1000, and SOL will hit the $3 threshold.
See Also: JPMorgan (NYSE:JPM) Analysts See Bitcoin Falling To $13,000 Amid 'Cascade Of Margin Calls'
It should be noted that the overall crypto market is declining, with the apex crypto trading at $16,830, down 8%, ETH at $1,196, plunging by 7%, and SOL as low as $15, declining over 21% in the last 24 hours, according to CoinMarketCap.
The overall crypto market has dropped significantly in the past three days — from $1 trillion to $840 billion, at the time of writing.
“I have been trading crypto for longer than I have been trading TradFi, and I am still speechless about what is going down,” Hayes tweeted, adding “the faster we take our losses, the faster we bottom and set ourselves up for the Fed pivot which will happen sometime in 2023.”
Price Action: FTX token is trading at $2.82, down 42% in the past 24 hours, according to Benzinga Pro.
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