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Home BREAKING NEWS

Bitcoin is About to Pump and Here is Why

by BlockNews.com Team
November 27, 2023
in BREAKING NEWS, BUSINESS, CRYPTO
Reading Time: 3 mins read
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  • Arthur Hayes, co-founder of BitMEX, predicted Bitcoin’s price will surge due to increasing US dollar liquidity, shown by a $1.06 trillion net increase in RRP and TGA since November 21.
  • Hayes referred to Treasury Secretary Janet Yellen as “Bad Gurl Yellen” for her role in the liquidity rise, though she wants crypto exchanges to follow regulations.
  • The liquidity influx signals changing market dynamics that could positively impact Bitcoin’s price, though the future effect remains uncertain.

In a recent tweet, Hayes posted a chart showing the net changes in reverse repurchase agreements (RRP) and the US Treasury general account (TGA) balance. He referred to Treasury Secretary Janet Yellen as “Bad Gurl Yellen” and told fellow Bitcoin enthusiasts to “stay focused” due to the significant rise in dollar liquidity.

🚨 NEWS: BitMEX Co-Founder Arthur Hayes predicts an upcoming #Bitcoin price surge due to increasing USD Liquidity. pic.twitter.com/128sEUIADm

— BlockNews.com (@blocknewsdotcom) November 27, 2023

Dollar Liquidity Surge

The chart Hayes shared illustrates the net changes in RRP and TGA balances, highlighting a potential link between increased dollar liquidity and Bitcoin’s price. According to crypto analyst @dharmafis’s post, RRP rose to $1.65 trillion while TGA increased by $350 billion, amounting to a $1.06 trillion net liquidity surge since November 21.

Bitcoin Price Impact

As Hayes suggested, the liquidity influx indicates changing market dynamics that could affect Bitcoin’s price. Investors are anticipating the potential effects of these liquidity injections on cryptocurrency markets. The $1.06 trillion net liquidity increase since November 21 raises questions about the resulting impact across asset classes, including cryptocurrencies like Bitcoin.

Yellen’s Stance

Treasury Secretary Yellen, a longtime Bitcoin skeptic, recently advised cryptocurrency exchanges to comply with regulations when operating in the US financial system. Speaking to Reuters, she stressed the importance of the digital currency industry following the rules in order to properly function.

Conclusion

While the future impact of mounting dollar liquidity remains uncertain, Arthur Hayes and others see it as a likely tailwind for Bitcoin’s price. However, regulators like Yellen continue to push for tighter oversight of the cryptocurrency industry.

Tags: BitcoinBlockchainBusinesscryptoWeb3
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