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Ethereum Could Hit $3000 Before The End Of This Year: Bitmex CEO Arthur Hayes

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Ethereum Could Hit $3000 Before The End Of This Year: Bitmex CEO Arthur Hayes

Ethereum Could Hit $3000 Before The End Of This Year: Bitmex CEO Arthur Hayes 11

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

  • BitMEX CEO Arthur Hayes expresses his bullish stance on crypto 
  • In an interview with Bankless, Hayes shared how he thinks that Ethereum can easily hit the $3000 price mark by the end of this year. 

In an interview with Bankless, the BitMEX CEO Arthur Hayes expressed his bullish stance on Ethereum, adding that the crypto is “far more powerful” than the current macro-environmental factors and has the potential to recover its former momentum back by the end of this year. 

Arthur Hayes Is Bullish On Ethereum  Merge

In an interview with Bankless, BitMEX CEO Arthur Hayes discussed the potential of Ethereum cryptocurrency at length, alongside sharing his views on the upcoming Ethereum merge. 

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Hayes further added how the issuance drop of ETH post the merge event could play an instrumental role in Ethereum’s price ascent in near future. The BitMEX CEO was all praises for Ethereum stressing the fact that the merge could positively impact Ethereum’s price. 

Projecting his bullish stance on Ethereum, Hayes shared how the blockchain is capable of overcoming any negative macro environment post-merge, unlike other cryptos that have recently succumbed to the growing market volatility. 

“I love this trade because I can be wrong on fed but still make money in my opinion on Ethereum because the structural flows are dramatically changing and in such a way that it gives I think the price enough upside to overcome the negative macro environment,” Hayes told Bankless 

The upcoming Ethereum merge is dubbed one of the most exciting crypto events of the year. On September 13, the process of Ethereum’s transition from its existing proof-of-work mechanism to proof-of-stake consensus will commence, which will render the blockchain more sustainable and energy efficient for its future usage.

Post the highly anticipated ETH merge deployment, the issuance of ETH will drop from 13,000 to 1,600. The death of ETH tokens post-merge is expected to impact the prices of Ethereum to an extent that the prices may soar past its numbers to breach the $3000 threshold. Hayes further added how Ethereum is the nucleus of all major DeFi hubs and activities and is still experiencing intense usage even after surviving a crypto price recession. 

“Unless you’re telling me that DeFi usage falls off a cliff with issuance as well, then you’re saying demand is greater than supply, therefore the price has to rise in my opinion,” Hayes reiterated. 

During the interview, Hayes revealed how the BitMEX CEO had purchased ETH call options with a $3000 strike price. He further shared how he thought the $3000 threshold was a logical target for the crypto to achieve. 

“Everybody’s trading that strike… let’s call it $3,000 later in the year,” Hayes stated.

The BitMEX CEO also shared his views about the timing of the merge, adding that the event could have acquired more momentum if it wasn’t announced weeks after several cryptocurrencies crashed simultaneously. 

“Imagine the bullishness of the average trader if they hadn’t just lost all their money to Terra and Three Arrows [Capital],” Hayes later added. 

Hayes has always been an active crypto proponent and is particularly popular for publishing bold price predictions exclusively for Ethereum. The BitMEX CEO had earlier issued multiple blogs on the value of ETH with detailed calculations on how its price can breach the $10,000 mark as well. He is known to have consistently expressed his strong bullish views on Ethereum, adding that Ethereum possesses great utilitarian factors while Bitcoin does not possess any credible utility.

In one of his blogs titled Five Ducking Digits, Hayes stated how Ethereum is capable of outperforming any L1 chain.

As the year progresses and the merge comes and goes, I expect ETH to significantly outperform any L1 chain that constructed a narrative that it is “faster and cheaper” than Ethereum. That narrative worked from 2020 to the end of 2021, but now Ether supports extremely positive price fundamentals from a flow of and returns on capital basis. Please do not mistake this sentiment to mean I believe that these copypasta chains cannot retest their November 2021 all-time highs. This is purely a relative argument. ETH can go to $10,000 — a roughly 3x return,

At press time, Ethereum is up 4.93% and is trading at $1,623 in the last 24 hours with a current market cap of about $197,552,550,836.

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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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