According to BitMEX co-founder Arthur Hayes, the market has yet to price in the significance of Ethereum’s (ETH) successful move to a proof-of-stake consensus architecture.
In an interview with Raoul Pal of Real Vision, Arthur Hayes stated that the Ethereum network is now capable of supporting a new ecosystem full of new enterprises and protocols, which have yet to be priced into ETH.
“Obviously, the price of ETH isn’t reflecting this right now because we have overriding liquidity concerns, but I do think, assuming that the upgrade continues to go well, you have these interesting things going to create new businesses for the entire ecosystem, which might not be completely apparent today.”
At the time of writing, ETH is trading at $1298.
According to the crypto veteran, the crypto markets are either at or near the bottom of the bear market. Hayes believes Bitcoin (BTC) and cryptocurrency are in a turbulent phase around the bottom before the next cycle begins.
“I think we’re chopping around the bottom. Do we hold $17,500 on Bitcoin? Maybe, maybe not. Do I think it goes much lower than that if it does break? Probably not.”
“And then you think, who’s gone bankrupt? The largest, most well-revered hedge funds, startups, and personalities have all come out and said they had some financial difficulties. So the only people left who I think could sell in size are the miners, and then you have to wonder, wouldn’t they have had to sell in size in mid-June when prices are even lower than they are today when people were pulling credit and nobody could get credit?…
I just don’t see that intensity, which leads me to believe that we’re just chopping around at the bottom. We might not be here for a while. We might be here for a while. That doesn’t mean we’re going up anytime soon. But I guess I don’t know who else has a store over their head who has to sell to today.”
At the time of writing, BTC is trading at $19,202.
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