Arthur Hayes, co-founder of BitMEX, believes Bitcoin's price will rise alongside increased dollar liquidity
Arthur Hayes, co-founder of cryptocurrency exchange BitMEX, has shared his perspective on a potential surge in Bitcoin's price. In a recent statement, Hayes highlighted the significant uptick in dollar liquidity and proposed that Bitcoin will likely mirror this rise.
The statement was accompanied by a chart showing the net changes in Reverse Repurchase Agreement (RRP) and Treasury General Account (TGA) balances. Hayes referred to Treasury Secretary Janet Yellen as "Bad Gurl Yellen" in the message.
Hayes encouraged fellow Bitcoin enthusiasts to stay focused on the increasing dollar liquidity, suggesting that Bitcoin's price will follow suit. The displayed chart indicated a possible link between heightened liquidity and positive movement in Bitcoin.
Crypto analyst Dharmafi also shared specific figures on the X platform, further reinforcing the impact of the liquidity surge. The post highlighted a $65 billion Reverse Repurchase Agreement (RRP) and a $35 billion Treasury General Account (TGA) balance, resulting in a significant net liquidity surge of $106 billion since November 21.
These observations of increased liquidity have caught the attention of investors and Bitcoin enthusiasts, who are closely monitoring the potential effects on the cryptocurrency market.
Janet Yellen's influence on the market dynamics
Amidst these discussions on liquidity and Bitcoin's trajectory, the role of key figures such as Janet Yellen in shaping market dynamics has become a central topic of discourse.
Yellen, who has expressed skepticism towards Bitcoin in the past, recently cautioned cryptocurrency exchanges to abide by the law. In a U.S. Department of Justice (DOJ) announcement, Yellen emphasized the importance of digital currency firms complying with legal regulations.
She stressed the significance of compliance in the digital currency industry, highlighting the need for firms to adhere to regulations to operate within the U.S. financial system. Yellen's statement came after the DOJ declared Binance guilty of money laundering and other charges.
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