Arthur Hayes, billionaire founder of the BitMex brokerage, believes that the sharp decline in cryptocurrencies is a great opportunity to invest in projects in the sector.
During the early hours of this Saturday (10), several cryptocurrencies showed large losses of up to 25% in less than an hour. The list includes giants such as Binance Coin (BNB), Cardano (ADA), and Dogecoin (DOGE), but hundreds of other smaller cryptocurrencies have also been affected.
Bitcoin and Ethereum, the two largest in the market, are also in lows. Their losses, however, were limited. In the past 24 hours, BTC is down 3.4% and ETH is down 5.7%.
Arthur Hayes goes shopping
The BitMex founder was already interested in buying some cryptocurrencies earlier in the week when the SEC sued the two largest exchanges in the market.
“The market is bearish because of some Binance FUD. But whatever the catalyst, risk markets are on edge because of the TGA (US Treasury Bills) replenishment.commented Arthur Hayes on Tuesday (6). “By the end of the summer, the market will go through this and start printing money.”
“I have some shitcoins to buy in the meantime.”
Second lookonchain review, Hayes even deposited $75,000 (R$365,000) on Coinbase after his tweet. That is, the billionaire was ready to make contributions, but there are no signs of withdrawals.
Already this Saturday (10), the founder of BitMex again expressed his willingness to take advantage of the moment as the market bled.
“Force sell a lot of shitcoin, I LOVE IT! I have my shopping list and plan to complete it little by little over the course of the summer. Yachzee!”
Lots of forced sales of shitcoins, I FUCKING LOVE IT!!!!
I’ve got my shopping list and I’m planning on a slow recharge this summer.
Yachzee!!!
—Arthur Hayes (@CryptoHayes) June 10, 2023
In the comments, her followers asked Hayes to share her list. However, the billionaire gave no further details or directions.
Which cryptocurrencies could be in the billionaire’s sights?
In December 2022, Arthur Hayes called Solana trash but expressed interest in making contributions. With strong ties to bankrupt FTX, SOL was at rock bottom, but the billionaire saw an opportunity.
After his tweet, Solana appreciated 230% in just 23 days, making it one of the best investments in January this year.
Listed as a security by the SEC, SOL is now one of the worst performing companies in the market. Since Monday (5), the losses have reached 40%. In addition, there are other giants such as Cardano (ADA) and Polygon (MATIC), as well as smaller projects.
Leaving theories aside and looking at Hayes’ portfolio, the billionaire already has investments in cryptocurrencies such as ETH, ENS, LOOKS, WILD, FXS, SUSHI and also in GMX, a token he has already defended. However, it is worth noting that these are only addresses known to the public, i.e. there may be other wallets and currencies.
Finally, moments of panic can be synonymous with great opportunity, but you have to know what you’re doing. Hayes, for example, has ten years of experience in the cryptocurrency market and before that he worked as a trader for giants such as Deutsche Bank and Citigroup for another five years.
In his tweet, the billionaire points out that he will contribute “little by little”, so no euphoria.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
