As reported by Wu Blockchain, several altcoins tanked significantly last week as investors brace for Fed rate hikes this week.
At the time of writing, many of these assets appear to have recouped some of their earlier losses.
While most of the tokens mentioned above are averaging about 5% price drops, ApeCoin and NEAR are posting huge losses of about 25% in the last 7 days.
The two biggest cryptocurrencies by market cap have also not been immune to the general price corrections.
On the other hand, Hayes says the crash would be the result of the correlation of the asset with the Nasdaq as the market becomes increasingly risk-off.
It is not all negative, though, as Hayes also expects the crash to be followed by a bull run that would see Bitcoin move to $1 million by the end of the decade.