Arthur Hayes said after the crash that it’s time to go shopping

Arthur Hayes said after the crash that it’s time to go shopping – After reaching multi-month highs last weekend, Bitcoin and Ethereum fell by double-digit percentages weekly. This caused a loss of approximately $150 billion in market capitalization.

The Worry and Greed Index has reverted to a state of fear, as anticipated, but Arthur Hayes, co-founder of BitMEX, feels this pullback might be a chance to accumulate.

Time to Purchase, Says Hayes.

The former BitMEX CEO started his most recent Twitter thread on crypto market price movements by asking his roughly 300,000 followers if they had a short-term or long-term plan for investing in digital assets.

If they are here for the short-term, the price movement is “nasty.” In the contrary scenario, “it might indicate that you misread the market.” According to Hayes, investors have three alternatives in this situation: “cover, sit tight, or add more.”

Only individuals whose investing thesis has been profoundly altered, in his opinion, should exit the market. Using Ethereum and the Merge as an example, he said that if the long-awaited event is canceled for whatever reason, he would be concerned about his job.

Arthur Hayes said after the crash that it's time to go shopping
Arthur Hayes said after the crash that it’s time to go shopping

 

Since this is not the case and the Merge is still slated to occur within the next few weeks, Hayes maintains his faith in the second-largest blockchain protocol and suggests “it may be time to go shopping.”

If something critical happened to decrease the probability of a successful merge, I would expect the ETH/BTC cross to fall much lower than 0.079 given it has advanced off of a 0.05 local low in mid-June. pic.twitter.com/lUrkNshhzT

— Arthur Hayes (@CryptoHayes) August 19, 2022

The Merge Will Encourage ETH.

Hayes seems to be fairly positive on the Merge, the event in which Ethereum will eventually migrate from the energy-intensive PoW to the more environmentally friendly PoS. In a recent blog post, the co-founder of BitMEX said that he thinks there might be a sell-the-news moment, which would be negative for short-term investors but ultimately favorable for long-term investors.

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He linked the Merge to the Bitcoin halving and said that ETH may soar similarly to how BTC has in the past.

“If the merging is successful… traders will purchase ETH today, knowing that the higher the price climbs, the more the network will be utilized and the more deflationary it will become, pushing the price higher, leading the network to be used more, etc.,” he stated. This is a circle of virtue for bulls.

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