The crypto market has down trended overnight, the price of the coin is barely above $100 today, December 6th. At the time of writing, ETH is experiencing massive losses.
As said by CEO of Bitmax that Sh*tcoin’ Ethereum Price Will Fall Below $100 and his prediction worked on today the price of Ethereum is going below $100 and last traded at $108 to $87.
He predicted that the ethereum price is on track to plunge to double-digit price levels.
Writing in BitMEX’s “Crypto Trader Digest,” the exchange operator’s semi-regular newsletter, Hayes argued that ethereum is a “sh*tcoin” whose price has been buttressed by initial coin offerings (ICOs) since at least early 2017. Increasingly, those investments have come from VCs, who he says will eventually capitulate to the bear market and dump their ether and ERC-20 tokens at whatever price they can get.
“The VC investor who has never suffered the vagaries of the market is as green as the noob who thinks he or she can go from 1 to 100 Bitcoin in a few trading days. They don’t have the mental strength to cut positions to limit further losses, or back up the truck and buy opportune dips even though they are down. More importantly, LPs can now see an objective last price for a particular token, and can’t be hoodwinked. They will attempt to be a Monday morning quarterback, and that only adds to the VC investors’ anxiety. At a certain point, they go ‘fuck it’, and dump everything they can.”
The reasons behind such a massive price drop remain unknown. As always, there are speculations, such as the possibility of an ICO’s funds cash-out, or even a crypto whale making a mistake in placing a sell order.
To those that just sold $ETH for $10 on Coinbase, congratulations!
You matched the entire bear market in mere seconds. #EfficiencyIsImportant
— Zissou™ (@ZeusZissou) December 6, 2018
As a result, all the buy orders down to $13 got filled, before arbitrage makers lifted the price back to $100. This means immediate substantial profits of up to 770% to the lucky orders.
The whole market is shaken off but the most effective one is Ethereum price downtrend and the entire crypto community watched in awe as Ethereum price on Coinbase Pro (was GDAX) sank to $13,05.