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BitMex Founder Arthur Hayes Says He Is “Max Bidding” Ethereum Pre Merge

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BitMex Founder Arthur Hayes Says He Is “Max Bidding” Ethereum Pre Merge

BitMex Founder Arthur Hayes Says He Is

Arthur Hayes, chief executive officer of BitMEX, speaks during the Consensus: Invest event in New York, U.S., on Tuesday, Nov. 28, 2017. Consensus: Invest, the world’s first digital asset investor outlook event hosted by CoinDesk, brings institutional investors, hedge funds, money managers, banks, and family offices together to get connected with how to invest, store, trade and judge value in this new asset class. Photographer: Michael Nagle/Bloomberg

  • Former Bitmex CEO Arthur Hayes expects a significant increase if the Merge is successful; therefore, he is not planning a “sell the news” event. 
  • In the most recent writings on his Medium Blog, “Eth-Flexive” and “Max Bidding,” Arthur Hayes argues that Ethereum will have a rally similar to Bitcoin’s halving, based on current network usage. 

Former Bitmex CEO Arthur Hayes, who previously claimed that he would be buying Bitcoin at $20,000 and Ethereum at $1,300, now reports that he is max bidding on Ethereum at current prices. In his most recent blog post, “Eth-Flexive,” Arthur Hayes confirms that he expects a significant increase in Ethereum’s price should the Merge be successful. He also stated that the “buy the rumor, sell the news” phenomenon will not occur post-merge. According to Hayes, anyone who might sell their crypto has already sold, and this is due to intense price movement downwards over the past month. 

Inspired By George Soros’s “Theory of Reflexivity”

Arthur’s most recent blog post is centered around George Soros’s “Theory of Reflexivity,” taken from the book “Alchemy of Finance,” which is based on the idea that there is a feedback loop between market participants and market prices. In simpler terms, the theory explains that market participants often play a significant role in bringing about the future they speculate on, creating a self-fulfilling prophecy.

The Spot Market

Hayes describes the spot market’s current opinion on the Merge in further detail by looking into the ETH/BTC chart. As Ethereum is outperforming BTC and has been outperforming by 50% since the last crypto credit unwind, Hayes confirms that the market’s belief of a successful merge is growing more.

Arthur Hayes
Arthur Hayes chart from “Eth-flexive

The Futures Market

The futures chart, on the other hand, illustrates a slightly different story. The entire curve out to June 2023 on the Open Futures Interest is trading in backwardation, which means that the market is predicting ETH’s price by the maturity date will be lower than the current spot price. This could be because market participants are using ETH futures as a hedge to their long spot exposure on Ethereum.

BitMex Founder Arthur Hayes Says He Is

Merge Scenario Predictions According to Hayes

Iff the Merge occurs, according to Hayes, his prediction is as below:

“If the Merge is successful, there is a positive reflexive relationship between the price and the amount of currency deflation. Therefore, traders will buy ETH today, knowing that the higher the price goes, the more the network will be used and the more deflationary it will become, driving the price higher, causing the network to be used more, and so on and so forth. This is a virtuous circle for bulls. The ceiling is when all of humanity has an Ethereum wallet address.”

If the Merge does not occur on the other hand:

“If the merge is not successful, there will be a negatively reflexive relationship between the price and the amount of currency deflation. Or, to put it another way, there will be a positively reflexive relationship between the price and the amount of currency inflation. Therefore, in this scenario, I believe traders will either go short or choose not to own ETH.”

What Will Happen Post-Merge?

Ethereum’s Merge Date has been discussed by the core developer team and should occur before the end of September. The Ethereum merge is one of the most anticipated events in Ethereum’s history. Once the move from Proof of Work to Proof of Stake is achieved, Ethereum should undergo the following scenarios:

  • Ethereum will undergo a 90% cut in daily emissions
  • Yearly inflation will go down from 4.3% to 0.43%, equivalent to three Bitcoin Halvenings occurring at once
  • Proof of Stake Validator rewards will go up from 4.5% to 10-15% in the months after the Merge
  • Energy Consumption will drop by 99.9%.

Arthur Hayes states that he believes DeFi will offer a credible alternative to the current financial system as Ethereum becomes a deflationary currency, its usage increases, and DeFi gains popularity, which should increase the deflation rate further. 

Arthur Hayes confirms that he will not reduce his position going into or right after the Merge; if anything if the market sells off before the Merge, he will be adding into his Ethereum position. 

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Indian Crypto Exchange WazirX Lays Off 40% Of Its Staff Citing The Ongoing Crypto Winter: Report 

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Indian Crypto Exchange WazirX Lays Off 40% Of Its Staff Citing The Ongoing Crypto Winter: Report 
  • Indian cryptocurrency exchange WazirX has reportedly laid off 40% of its staff, Coindesk report adds
  • In a statement shared with the crypto news outlet, the exchange cites the prolonged crypto winter as its reason for slashing its workforce by 40%. 

Per a Coindesk report, Indian cryptocurrency exchange WazirX has slashed its workforce by 40%, citing the ongoing crypto market phase. 

WazirX Cuts 40% of Its Workforce

In a statement shared with Coindesk, WazirX, one of the leading cryptocurrency exchanges in India, has decided to lay off 40% of its staff, citing extreme crypto winter conditions. The company has reportedly laid off 50–70 people, three people familiar with the matter told Coindesk.

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The statement later adds that these employees will be paid for additional 45 days, and after that, the workers are not expected to attend the company anymore.

WazirX, which is dubbed as one of the leading cryptocurrency exchanges in India, has cited the prolonged crypto winter as its primary reason, leading the firm to slash its workforce by almost 40%.

“The crypto market has been in the grip of a bear market because of the current global economic slowdown. The Indian crypto industry has had its unique problems concerning taxes, regulations, and banking access. This has led to a dramatic fall in volumes on all Indian crypto exchanges. ” The statement reportedly added

The firm further stated that it prioritises consumer protection and its decision to lay off 40% of its staff has been taken to “weather the ongoing crypto winter phase.”

“As India’s No. 1 exchange, our priority is to be financially stable and to continue serving our customers,” the company said. To achieve this, we’ve had to reduce our staff to weather the crypto winter. This situation is similar to the trying times the industry faced in 2018. At that time, we doubled down and built our innovative P2P engine. The crypto industry operates in cycles, and the bear market is inevitably followed by a spectacular bull market. We will continue to focus on our customers’ needs and continue to build. “We are confident that we will come out stronger when the bull market arrives,” the statement later adds

With WazirX slashing its workforce by 40%, the firm has joined the growing league of cryptocurrency exchanges that have recently decided to lay off their employees to stay afloat during the ongoing crypto winter phase. Crypto exchange Coinbase had earlier cut back on its workforce, citing the prolonged crypto winter. Similarly, exchanges like Bybit, Gemini, BitPanda, BlockFi, and Robinhood have also slashed their workforce to sustain the ongoing bearish crypto market phase.

Image: WazirX/Twitter

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Cardano’s Founder Charles Hoskinson Picks On Solana’s Recent Network Outage On Twitter

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Cardano’s Founder Charles Hoskinson Picks On Solana’s Recent Network Outage On Twitter
  • Cardano founder Charles Hoskinson was seen making fun of Solana’s recent network outage.
  • Solana went through another crypto network meltdown today, leading Hoskinson to mock its recent network performance.

The founder of Cardano cryptocurrency, Charles Hoskinson, took to Twitter to share a funny crypto meme that mocked Solana’s recent network outage.

Charles Hoskinson Trolls Solana’s Recent Network Outage

Solana, dubbed as a potential Ethereum killer, experienced another network outage today that ended up disrupting the network’s day-to-day transactional output. The blockchain took to Twitter to announce that its developers are currently examining the potential causes of the outage, leading the crypto community to share an array of opinions on Solana’s frequent network upheavals.

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Charles Hoskinson, the founder of Cardano cryptocurrency, was also noted mocking Solana’s recent network outage. The ADA founder retweeted Solana’s network disruption tweet by sharing a crypto meme, picking on the chain’s constant network meltdowns.

Hoskinson’s tweet was met with a hint of criticism on crypto Twitter. Several users were quick to point out Hoskinson’s habit of making fun of other blockchain platforms. Some of the users also urged the Cardano founder to stop picking on other blockchain platforms when they encounter occasional network issues.

What did you get from mocking other chains?

— Aduck (@nonkatian) October 1, 2022

Charles you often speak about other crypto leaders attacking you on cardano and how we should work together ,so first step is not pick on crypto platforms when they go down as everybody is building stuff like you and others.This is not the right way for leader to behave.

— Manish Shukla (@maanav6427) October 1, 2022

Solana Encounters Another Network Outage Today

Solana experienced another network outage today, resulting in the blockchain’s disrupted transactional volume. The Solana team took to Twitter to announce the network outage issue, adding that the blockchain is temporarily unable to process transactions.

This isn’t the first time Solana has experienced significant network downtime issues. The blockchain has reported multiple network outages throughout 2022, leading investors to question the blockchain’s structure and functionalities.

It’s not a chain… It’s pretty much a centralised ponzi database with such glaring security flaws that you are probably safer to just leave your money in a bank.

— RobinSG (@kaptinspudz) October 1, 2022

However, at press time, the network has resolved its network outage problem and is currently up and running again.

Validator operators successfully completed a cluster restart of Mainnet Beta at 7 AM UTC.

Network operators an dapps will continue to restore client services over the next several hours.

— Solana Status (@SolanaStatus) October 1, 2022

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Uniswap Labs To Raise Venture Capital at $1B Valuation

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Uniswap Labs To Raise Venture Capital at $1B Valuation
  • Uniswap Labs is gearing up to raise over $100 million in a new round of funding as it expands into new products and services.
  • The decentralized exchange commands 64% of all DEX volumes, according to DeFi Llama.
  • Uni’s new funding is indicative of the company’s ambitious plans

Uniswap Labs is gearing up to raise over $100 million in a new round of funding as it expands into new products and services, according to four sources familiar with the matter as reported by TechCrunch, and continues to gain mindshare among traders.

The company is currently seeking investors including Polychain and one of Singapore’s sovereign funds to raise an equity round of $100 million to $200 million at a valuation of about $1 billion.

The deliberations of the round haven’t reached final stages, so terms of the deal may change, sources cautioned.

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Uni’s new funding is indicative of the company’s ambitious plans to expand its offerings. The decentralized exchange commands 64% of all DEX volumes, according to DeFi Llama. And the exchange protocol’s token has a market cap of nearly $5 billion despite the market downturn. (During the peak bull cycle last year, Uni’s market cap exceeded $22.5 billion.)

In recent months, Uniswap Labs has shared plans to add “several new products.” One of the new offerings will allow customers to trade NFTs on Uniswap from a number of marketplaces, Uniswap Labs COO Mary-Catherine Lader told Decrypt.

Lader told TechCrunch in an earlier interview that their mission is “to unlock universal ownership and exchange.” If you can embed the ability to swap value and have people join the community and exchange value with your project, or your company or organization — that’s a powerful way to allow more people to engage in this ownership.

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