BitMex CEO: Ether Is a ‘Sh*tcoin’ That Will Fall Below $100

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Ethereum holders may be holding their breath for an impending market bottom, but BitMex CEO Arthur Hayes has dubbed the second-largest cryptocurrency by market capitalization a “double-digit sh*tcoin” destined for sub-$100 levels. Making the colorful description in BitMex’s newsletter, Crypto Trader Digest, Hayes used his typically unrestrained voice to argue why Ether’s success in 2017 may have been unsustainable. Related: Bitcoin and Ethereum Plummet Further, Market Sheds $60 Billion Over Past Week The candid newsletter comes in the midst of a market-wide selloff; yet, Hayes would appear to weigh honesty over soothing the worries of BitMex clients. Ethereum, reverting to September 2017 prices, is currently down 80 percent from its all-time high in January 2018. VCs To Blame To Hayes, 2017’s feverous wave of initial coin offerings artificially propped up the price of Ether. Pointing the finger at “jealous” venture capitalists, he highlighted how their support, and even orchestration,