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Tech Rout Could Drag Bitcoin to $30,000, BitMEX Founder Says

  • BitMEX co-founder is buying ‘crash’ puts on Bitcoin, Ether
  • Hayes issues warning amid crypto correlation with tech stocks
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Bitcoin’s tendency to move in tandem with technology stocks means the biggest cryptocurrency may slump to $30,000 by June, according to Arthur Hayes, the co-founder of crypto trading platform BitMEX. 

Hayes, in a blog post on Monday, also said the same dynamic could drive Ether to $2,500. The tokens traded at around $41,500 and $3,070, respectively, at 6:30 p.m. in Hong Kong. Hayes said he’s buying “crash” puts expiring in June on both coins, while pointing out that’s he’s overall in a “long crypto position.”