Arthur Hayes, the co-founder of BitMEX cryptocurrency exchange, believes that the cryptocurrency market will continue its slow downslide in the next 12-18 months. According to Hayes, the same market trend was seen in 2014-2015.
“I’m just basing it off my previous experience. I started in bitcoin in 2013 when the price went from $250 to $1,300 and then 2014 to 2015 was sort of the nuclear bear market. Price crashed, volume crashed — very, very difficult to make money,” – CEO BitMEX noted in an interview with Yahoo Finance.
Hayes believes that cryptocurrency trading volume could drop even more in future, as compared to its current state.
Former Deutsche Bank and Citi trader Hayes co-founded BitMEX in 2014. The Seychelles-registered platform allows people to take out and trade peer-to-peer bitcoin derivative products such as futures.
Despite the predominant bearish trend on the crypto market, BitMEX’s daily trading volume have been maintained at $1 billion level. The exchange has even reported a record-breaking $8.5 billion in daily trading volume earlier this year.
“We think we’re well positioned to weather the low volatility,” – Hayes told Yahoo Finance UK.
According to some earlier statements made by BitMEX analysts, the ETH price meltdown could not affect the volumes of ICO funding. Last month, Arthur Hayes was criticized by cryptocommunity for his attempted ETH price manipulation.