0

    BitMEX co-founder predicts Bitcoin surge amid dollar liquidity rise

    2023.11.25 | exchangesranking | 187onlookers
    8081b7b6>

    BitMEX co-founder Arthur Hayes is bullish on Bitcoin (BTC). Hayes shared his thoughts on X Alongside a chart depicting net reverse repurchase agreement (RRP) and treasury general account (TGA) balance changes, Hayes referred to United States Treasury Secretary Janet Yellen as “Bad Gurl Yellen.”

    In the X post, Hayes encouraged fellow Bitcoin enthusiasts to stay focused, highlighting a significant uptick in U.S. dollar liquidity. He suggested BTC will likely mirror the rise in dollar liquidity, leading to an increase in its price.

    The accompanying chart illustrates the net variations in RRP and TGA balances, indicating a possible link between heightened dollar liquidity and the BTC price.

    Meanwhile, crypto analyst dharmafi shared more specific figures on X. The post emphasized an RRP of $65 billion and a TGA balance of $35 billion, with a significant net liquidity surge of $106 billion since Nov. 21.

    As highlighted by Hayes, the rise in liquidity shows the changing dynamics in financial markets. Investors and Bitcoin enthusiasts observing liquidity injections can anticipate potential effects on the cryptocurrency market.

    While the co-founder of BitMEX highlighted the connection between dollar liquidity and Bitcoin’s forthcoming trajectory, Dharmafi’s specific data reinforces the impact of the liquidity surge. The substantial $106 billion rise in net liquidity since Nov. 21 indicates a swift injection of funds into the financial system, raising inquiries about potential impacts on diverse asset classes, including cryptocurrencies.

    Related: CoinFLEX creditors dissatisfied with restructuring to OPNX: Report

    As the crypto community grapples with these observations and evolving patterns, the influence of key figures such as Janet Yellen in shaping market dynamics becomes a central topic of discourse.

    Meanwhile, Janet Yellen, a skeptic of Bitcoin, has recently cautioned cryptocurrency exchanges to abide by the law. In a recent U.S. Department of Justice (DOJ) announcement, Yellen emphasized the importance of digital currency firms complying with legal regulations.

    Yellen stressed the significance of compliance in the digital currency industry, underscoring the need to follow regulations to benefit operating within the U.S. financial system. This statement came after the DOJ’s decision, which declared Binance guilty of money laundering and other charges.

    Magazine: Big Questions: What’s with all the crypto deaths?

    The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other ssues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.