Altcoins are set for another plunge, according to co-founder of one of biggest derivatives trading platforms on crypto market
“Sometimes you just want to feel pain to remember you still exist” is the start of a new post shared by the co-founder of one of the world’s largest cryptocurrency derivatives trading platforms. , in which he describes how altcoins may lose another half of their value in the coming weeks.
Hayes suggests that the liquidity situation on the cryptocurrency market will be in trouble in the second part of the year and, potentially, at the beginning of 2023. He also admitted that the two bottom predictions he gave previously were wrong. In his previous articles, Hayes mentioned that Ethereum will drop to at least $1,500, and Bitcoin is set for a plunge to $25,000.
The basis of his most recent prediction is the Fed’s desire to push the new rate hike by 75 basis points, which should further ward off investors who avoid risk exposure to risky assets like cryptocurrencies. . The co-founder even predicted a certain date range in which the market could face the most pressure, which would be from June 30 to July 5 when the Fed’s opening balance sheet starts to contract.
The 100x founder tells readers in his article that he will be looking for dips in the bear market and remains extremely bullish on the Ethereum Name Server project and NFT marketplaces like Looksrare, with token Looks, that has lost 98% of its value and remains at the absolute bottom.
As of press time, altcoins like Ethereum and Solana are posting a massive 40% loss over the past four weeks, making another 50% drop that Hayes expects a disaster for holders.
