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Ex-BitMEX CEO urges crypto investors to buy Ethereum amid ongoing bearish sentiment of market

Former BitMEX CEO, Arthur Hayes on August 19, provided insight on the Ethereum price action, happening in the cryptocurrency market via tweet.

Arthur said, “it might be the best time to go shopping” hence, neglecting the overall bearish sentiment of the market.

Moreover, before stepping into crypto, Arthur worked with Citigroup and Deutsche as an equity derivative trader. Arthur also believes that those who trade by following the fundamental thesis would not get frightened by the current price action.

Apart from this, the former CEO firmly believes that if the thesis of core tenants goes wrong then price action should take a back seat.

Notingly, if the trader believes that the Ethereum merger would be successful, then the trader should neglect the recent downturn of Ethereum price.

Moreover, in the last 24 hours, major cryptocurrencies like Bitcoin and Ethereum reported massive losses slipping below $22,000 and $1,700 respectively.

According to Hayes, if the Ethereum merger would go wrong, then Ethereum might underperform as compared to Bitcoin. However, if any awful happened with the merge, then the ETH/BTC ratio would fall below 0.079 after being rallied from 0.05 in mid-June.

Recently, Hayes also predicted that Ethereum can claim the price of $5,000.

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