Former BitMEX CEO Arthur Hayes Says Bitcoin and Ethereum Have Already Hit Lowest Levels

Arthur Hayes, co-founder of crypto derivatives exchange BitMEX, has said that Bitcoin and Ethereum have already reached their lowest price of the current cycle, but a reversal of the market trend should be expected when the Fed stops raising the key rate.

According to him, inflation has a devastating effect not only on crypto-related companies, but also on players in the technology sector as it forces venture investors to reduce their balance sheets.

The former BitMEX CEO has drawn attention to the fact that amid the collapse of the crypto market, the correlation between digital assets and the Nasdaq 100 index was broken. He has also noted that for Bitcoin and Ethereum, each drawdown of the new cycle is still higher than the historical maximum of the previous one. He has written:

“There may be an exchange trading at a higher or lower intraday level than what we are seeing. The point is to be generally accurate and to approximate a range that can be considered a local bottom. For Bitcoin, this is $25,000-$27,000. For Ether, from $1,700 to $1,800.”