When ICOs return, Ether will test $200: BitMEX CEO
The crypto market is still grappling to come to terms with the bearish trend that has dominated most of 2018. While it gained some sort of stability last week, the signs of a bull seem slim and crypto enthusiasts are hoping that 2019 will bring some good news and lay the foundation for a much better run next year. At present things seem to be all gloomy for the crypto industry and some experts have already started writing a premature obituary for the crypto industry. ICOs also faced the brunt of the bearish trend this year. But things are not as bad as they appear on the surface. In an exclusive interview to Cointelegraph, Arthur Hayes, BitMEX CEO predicted a return to form for 2018’s ‘dead’ ICO markets.
Speaking to Cointelegraph, Hayes said, “Once there are new issues, then Ether will rebound aggressively. When the ICO market returns, Ether will quickly test $200. The timing of the ICO rebirth is 12 to 18 months out.”
Ethereum has witnessed losses in the range of around 90 percent in 2018 and has bent toppled by XRP from the number 2 position in terms of market capitalization. But now with the markets showing some sort of stability, Ethereum has been hovering around the $130 mark.
Hayes goes on to add that stablecoins will have their time under the sun before we witness an ICO resurgence.
“Security tokens and stablecoins will prove to be an attractive proposition for investors in 2019. While their fundamental raison d’etre is flawed, investors in this time of pain will latch onto anything they believe will be their ticket to easy riches,” he added.
BitMEX joins hands with Madison in a bid to acquire BitOcean
In another development on Wednesday, reports suggest that HDR Cadenza Management, a subsidiary of Seychelles-based HDR Global Trading that owns the cryptocurrency trading platform BitMEX is planning a US$17.14 million, 51 percent stake in a joint venture with Madison Labs.
According to a report by South China Morning Post, Madison Holdings Group, which is listed on the Growth Enterprise Market (GEM) of the Hong Kong Stock Exchange, is planning to acquire a 62.7 percent stake of BitOcean for 1.68 billion yen ($15.12 million). The deal which is not yet complete is reported to be made via Madison Labs.
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