Arthur Hayes, a co-founder of BitMEX, is optimistic about Bitcoin. Hayes discussed his ideas about X. Hayes called US Treasury Secretary Janet Yellen “Bad Gurl Yellen” in front of a graphic showing changes in net reverse repurchase agreement (RRP) and Treasury general account (TGA) balances.
Hayes urged other Bitcoin supporters to remain focused in the X post, pointing to a notable increase in U.S. dollar liquidity. He predicted that the price of Bitcoin will probably climb in line with the increase in dollar liquidity.
The net fluctuations in RRP and TGA balances are shown in the accompanying chart, suggesting a potential correlation between increased dollar liquidity and the price of bitcoin.
Dharmafi, a cryptocurrency analyst, released more precise data on X in the interim. The post highlighted a noteworthy increase in net liquidity of $106 billion since November 21, with an RRP of $65 billion and a TGA balance of $35 billion.
Hayes pointed out that the increase in liquidity demonstrates how the dynamics of the financial markets are shifting. Those who are interested in Bitcoin and investors who see liquidity injections can predict possible impacts on the cryptocurrency market.
The significance of the liquidity spike is further supported by dharmafi’s data, however the BitMEX co-founder emphasised the relationship between dollar liquidity and the price of Bitcoin. Since November 21, net liquidity has increased by $106 billion, which has sparked concerns about possible impacts on a variety of asset classes, including cryptocurrencies.
At a conference of G20 finance ministers and central bank governors, Yellen, a sceptic of Bitcoin, recently advised cryptocurrency exchanges to follow the law in an interview with Reuters.
Yellen emphasised the need of adhering to rules in order to conduct business within the United States financial system, highlighting the significance of compliance in the digital currency market.