A month ago, traders believed that the ethereum value would not be less than $300. But recent fake news about Goldman Sachs' abandonment of the Bitcoin and Encryption Service Desk program proved to be a catalyst for digital assets to further reduce to the current $192 level at the time of this writing. Throughout the year, analysts predict that ETH will plummet in the market due to its network congestion. This has led many investors to shorten digital assets through BitMEX. But many people don't think there will be a decline last week.
Information about the encrypted trader community suggests that BitMEX's encrypted exchange may have involved Ethereum crashes. This is after the exchange of the BitMEX official account (allegedly Arthur Hayes), the trader is advised to continue shorting ETH. A screenshot of the conversation is provided below:
The term “floating ship” used in the above dialogue is used for informal terms, implying an attempt to obtain quick profits from investment regardless of its fundamentals. This means that traders take a high risk in trading by speculating on instant high returns. In the case of eth coin, the decline is inevitable, but the short position of BitMEX may lead to further decline in digital assets.
Regarding the value of BitMEX being accused of manipulating ETH, the platform has banned US, Quebec (Canada), Cuban residents from trading, to name a few. This can be interpreted as escaping the exchanges of the appropriate regulatory body (such as the US Securities and Exchange Commission). This theory has further raised the suspicion that their back-end operations are not as they seem. There may be more things to satisfy the eye than BitMEX.
Many crypt analysts believe that the cryptocurrency bear market will end in late October this year. Others assume that we have a long-term bear market of 6 to 12 months or pure lateral movement. Both ideas believe that in the short term, the market price of Ethereum may be as low as $155. This does not take into account any other FUD or fake news in the encrypted space.
When we postpone or reject the prospect of adding bad news to the Bitcoin ETF sponsored by the Chicago Board Options Exchange from the US Securities and Exchange Commission, we can clearly see that ETH will soon reach double-digit value. In May 2017, when many of us didn't even enter the field of encrypted transactions, the last value of Ethernet was less than $100. What we know is that this new revolutionary technology is called blockchain, and its biggest advocate is bitcoin coin.
In summary, BitMEX's cryptocurrency exchange may further push ETH's value below expectations. This is because the various investment tools on the platform allow traders to bet their favorite digital assets. Taking into account the situation from the perspective of Exchange Chief Executive Arthur Hayes, ETH is mature and can be chosen as the preferred coin for short selling in the market. As the ethereum market is still a bit unstable, ETH may fall further.