BitMEX Founder: Cryptocurrencies Follow Tech Stocks Down, Bitcoin May Fall to $30,000 in June

Arthur Hayes, co-founder of crypto trading platform BitMEX, said the trend of cryptocurrencies falling in tandem with tech stocks suggests bitcoin could fall to $30,000 by June of this year.

In a blog post on Monday, Arthur Hayes said the same scenario could see ethereum fall to $2,500.

He said he has bought June 2022 puts on both of the aforementioned cryptocurrencies.

In the blog post, Arthur Hayes mentioned that weak global economic growth coupled with tight central bank monetary policies are putting pressure on tech stocks, which in turn is affecting cryptocurrencies. On Friday, the 40-day correlation between bitcoin and the Nasdaq 100 reached a record high of 0.6945.