Daily crypto: Strong recovery and Bitmex CEO calls ethereum “a shitcoin”

Image source: Shutterstock / Trijo News

2018-08-16 11:41

Totte Löfström

totte.lofstrom@trijo.co

The huge dip in the beginning of the week has turned around quite well. Here are the most important stories from the last 24 hours in the world of cryptocurrencies.

Arthus Hayes, CEO of crypto exchange Bitmex, has been out swinging again. This time, he attacks ethereum on a conceptual level and calls the network “a 2-digit shitcoin”.

The explanation for the hard tone of Hayes is that ethereum has been the base for the absolute majority of ICO:s started the last year. According to Hayes, this risk to lead to a huge collapse when both private investors and venture capital firms decide that they have been riding the bear-market low enough, and therefore starts to sell their positions.

Hayes also predicts that the price of ethereum will fall back to the same levels as we saw before the ICO boom, in the spring of 2017. This would mean that ethereum will be traded below $100, and go from what Hayes calls “from a 3-digit to a 2-digit shitcoin”.

It still remains to be seen if the CEO of Bitmex predicts things right.

Regarding prices, it has been quite a swingy last 24 hours. At the top yesterday, bitcoin (-0,56% the last 24 hours) was up around eight percent and was traded at around $6.600. Ethereum, however, (+0,31% the last 24 hours) was up almost 17.5 percent and was traded just over $300 after having seen a dip down to about $250. The other cryptocurrencies of the top five-list were also showing strong recovery and were up around 12 percent at the most.

If we take a look at the top 100, the ethereum fork ethereum classic (+15,46%), funfair (+13,54%) and ontology (+13,17%) was the biggest winners of the last 24 hours. This while the biggest losers were tenx (-10,71%), reddcoin (-10,24%) and bitcoin gold (-10,14%).