The cryptocurrency decline has hit most digital assets service providers hard and many are looking for better strategies to weather the storm. In line with the current market conditions, the co-founder of BitMEX, Arthur Hayes, has suggested that this could be the right time to go long on crypto assets.
Bitcoin and Ethereum, the two most valuable crypto assets in the world, have slumped by double-digital percentages after reaching multi-month highs last weekend. This led to the loss of more than $150 billion from the market.
Hayes Says Now Is The Right Time To Stack Up
While the investors are remaining cautious in the market, Hayes suggested that this is the right time to stack up crypto funds.
In his tweet, Hayes, with over 300k Twitter followers, started by asking his followers whether they are going for a long-term or short-term strategy in digital assets.
He stated that those looking at a short-term strategy could be facing an “ugly” price action. It could mean that the investor did not read the market right. In this situation, they are faced with three different options – to “cover, sit tight, or add more.”
He added that those who need to leave the market are those who had their investment thesis changed fundamentally. Hayes pointed at Ethereum’s upcoming Merge which can galvanize the market to a great extent. He added that he will only be worried about his position if the long-awaited upgrade gets canceled for some reason.
Since it is highly unlikely for the Merge to be canceled, Hayes believes the time to hold steadfast and even add more tokens is now. In his words, “it might be time to go shopping.”
He added that if something occurs that impacts the chance of a successful merge, he expects the ETH/BTC cross to go much lower than 0079 after moving to a 005 local low in mid-June.
Hayes believes that the crypto market could turn bullish sooner than expected. He seems optimistic about the Merge, which will see the successful transmission of Ethereum from the power-intensive PoW protocol to the nature-friendly PoS protocol.
