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BitMEX Founder Arthur Hayes: Ethereum To Outperform Bitcoin

Ethereum is in the spotlight again, following the latest reports. Check out the news about ETH vs BTC below.

Bitcoin vs. Ethereum

BitMEX co-founder Arthur Hayes is highlighting a key support level that should concern traders and investors who have placed long positions on Bitcoin (BTC).

In a new blog post, Hayes says that Bitcoin bulls should be “worried” about the $17,500 price level. It’s important to note that this is an area that marks the current bear market low for BTC.

The former BitMEX CEO said that Bitcoin’s performance would likely be determined by the US dollar liquidity index.

This is a metric that tracks the quantity of US dollars in the system through the size of the Fed’s balance sheet, Fed’s reverse repo facility, and balance of the US Treasury general account with the New York Fed.

“As we watch the gyrations of the USD liquidity index and its impulse, the Bitcoin level that longs should be worried about is $17,500. The most likely course of action is a re-test of that low. Whether it holds the line or not is entirely dependent on the trajectory of the USD liquidity index’s impulse.”

Regarding the price of the two coins, at the moment of writing this article, BTC is trading in the green, and the king coin is priced at $19,030.

ETH is exchanging hands at $1,324, and the coin is also trading in the green.

In other news, Bloomberg Intelligence senior commodity strategist Mike McGlone just stated that the crypto market crash recently reached extreme levels.

McGlone says Bitcoin (BTC) recently traded at the steepest discount since the computation of the king coin’s 200-week moving average began.

“Steepest Bitcoin discount on September 20 since its 200-week moving average could be calculated shows the extremity of the crypto crash and risk vs. reward for shorts vs. potential resumption of the elongated upward trajectory.”

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