Arthur Hayes Backs Top 100 Altcoin And Gives His Price Prediction

Arthur Hayes, former CEO of BitMEX and one of crypto's most influential voices, has thrown his support behind one altcoin from top 100.

Arthur Hayes, the former CEO of BitMEX and one of crypto’s most influential voices, has thrown his support behind one altcoin from the Top 100.

In a recent social media post, Hayes made a bold price prediction of $100 for HYPE, sparking immediate market reaction.

The token surged over 17% in the past 24 hours, climbing to $32.50 as trading volume and social sentiment spiked.

“This is the best advertisement for HYPE. Let’s take this altcoin to $100,” Hayes wrote.

This is the best advertisement for HYPE. Let’s take this altcoin to $100. https://t.goet/R777777

— Arthur Hayes (@ArthurHayes_) August 10, 2024

Hayes’ endorsement came as he highlighted a massive move by popular trader James Wynn, who reportedly opened a $1.1 billion long position on Bitcoin using 40x leverage on the Hyperliquid platform.

Arthur Hayes: ‘Unbelievable Trust’ in Hyperliquid as Popular Trader Opens $1.1 Billion BTC Trade with 40x Leverage

According to reports circulating on X (formerly Twitter), James Wynn, a trader known for his bold wagers, went all-in on Bitcoin with an enormous leveraged position. Sources indicate that Wynn, recognized for his activity in the derivatives market, opened a gargantuan $1.1 billion long on BTC at an average price of around $69,000.

The remarkable trade was executed on Hyperliquid, a high-performance decentralized exchange (DEX) designed for advanced traders and institutions. To amplify his potential gains—and losses—Wynn reportedly used 40x leverage for this trade.

This level of leverage is substantial even in the cryptocurrency market, where traders often employ 3x to 10x leverage to amplify returns and increase risk.

With 40x leverage, even a small 1% adverse price move against Wynn’s position could translate into a total loss of his initial margin, which in this case is likely to be a multi-million dollar sum.

Despite the enormous trade size and highly leveraged nature of the position, reports indicate that Wynn’s position was fully liquidated within 24 hours without any issues.

This efficient execution, especially considering the trade size and leverage, speaks to Hyperliquid’s capabilities in handling large trading volumes and providing low latency, crucial factors for high-frequency traders and arbitrageurs.

Arthur Hayes Reacts to Hyperliquid’s ‘Massive’ Trade

Arthur Hayes, the former CEO of BitMEX and one of crypto’s most influential voices, reacted to the reports of Wynn’s trade with astonishment.

“Unbelievable trust in Hyperliquid’s infrastructure and execution. 40x leveraged BTC for a 0.8x/point move at $69,000. Top investors are clearly backing this platform,” Hayes stated on X, emphasizing the scale and risk appetite of the traders engaging with Hyperliquid.

Hyperliquid, which recently launched its mainnet, bills itself as a non-custodial, high-performance DEX with low latency, deep liquidity, and atomic cross-chain swaps. It’s designed for traders who prioritize speed, efficiency, and advanced trading instruments.

As Hyperliquid’s native token, HYPE may find itself at the center of the next altcoin narrative with several traders discussing the token on social media following Hayes’ post.

One trader responded to Hayes saying that he’s “still waiting for HYPE to dump to the 20s so I can start accumulating more.” Another trader said that they’re “surprised HYPE has managed to hold gains despite the broader market sell-off.”

A third trader said that they’re “new to altcoins but I’m impressed with the community and discussion around HYPE.”

The token surged over 17% in the past 24 hours as trading volume spiked 138%.

The post Arthur Hayes Backs Top 100 Altcoin And Gives His Price Prediction appeared first on Benzinga.