Bitcoin and Ethereum prices have reached the end of the current cycle, but a reversal of the market trend should be expected at the moment. fed it will stop raising the key rate. This was stated by the co-founder of BitMEX cryptocurrency derivatives exchange Arthur Hayes.

Hayes stressed that inflation is having a devastating effect not only on crypto companies but also on players in the tech sector – forcing venture investors to shrink their balance sheets.

The former CEO of BitMEX pointed out that the correlation between digital assets and the Nasdaq 100 index was broken during the collapse of the crypto market. He also noted that each drop of the new cycle for Bitcoin and Ethereum is still higher than the historical maximum of the previous one.

“There could be a currency trade at an intraday level higher or lower than what we’ve seen. The point here is to be generally correct and approach a range that can be considered a local bottom. “$25,000-27,000 for bitcoin and $1,700 to $1,800 for ether,” Hayes said.

In mid-May, digital gold prices failed to break past the $27,000 level, with Ethereum testing $1,800. In the same month, the first cryptocurrency recorded a record nine-week series of declines.

At the time of writing, Bitcoin is trading around $29,940 while Ethereum is trading around $1,820.

Recall that the fair price of bitcoin is $38,000, according to JPMorgan analysts.