BitMEX Co-Founder Predicts Bitcoin Rally as Dollar Liquidity Increases
Arthur Hayes co-founder of BitMEX has recently claimed that he is bullish on Bitcoin. He shared his thoughts on social media platforms last week. He has advised Bitcoin investors to remain focused and highlighted a considerable increase in dollar liquidity.
Arthur Hayes Criticizes US Treasury Secretary
Hayes published statistics depicting the readings of Net Reverse Repurchase Agreement (RRP) and Treasury General Account (TGA). He referred to US Treasury Secretary Janet Yellen as Bad Gurl Yellen.
Hayes proceeded to encourage Bitcoin investors to remain steadfast in the pretext of a considerable increase in USD liquidity. He also suggested that Bitcoin is likely to mirror the increase in liquidity that will increment its value.
At the same time, the statistics further illuminated that the net variations in the RRP and TGA balance indicate a correlation between the added USD liquidity and Bitcoin price. At the same time, cryptocurrency analyst dharmafi also shared some market insights regarding the currency on social media.
Statistics and Data Projections
The data projections shared by the digital currency sector indicate that RRP in $65 billion and TGA in $35 billion have undergone a significant increase in net liquidity estimated around $106 billion since 21st November.
The analyst noted that the increase in the liquidity points towards the changing dynamics within financial markets. At the same time, Bitcoin investors and altcoin enthusiasts are monitoring the impact of liquidity injections and how it translates into spot price changes for cryptocurrencies.
At the same time, the co-founder highlighted the correlation between Bitcoin value and USD liquidity. On this front, the data projections shared by dharmafi also confirms the changes brought by Bitcoin prices and rise in liquidity.
To this effect, the $106 billion increase in the net liquidity since 21st November pose more questions about its direct and indirect impact on diverse class of digital assets such as digital currencies.
Janet Yellen Asks Crypto Exchanges to Follow Regulations
US Treasury Secretary, Yellen recently issued a directive for cryptocurrency exchanges to follow regulations. She was speaking with journalists from Reuters at G20 finance minister meeting attended by Central Bank governors.
She also stressed on the need of compliance in digital currency sector and underscored the importance of following regulations within financial system of United States. BitMEX has introduced 23 new listings since November. These products include 19 perpetual swaps, 3 futures listings, and 1 prediction market listing.
The move has arrived at a time when the demand around digital currency derivatives is said to be increasing. At the same time, bullish outlook is dominating the markets on account of latest developments concerning Bitcoin spot ETF applications.
Stephen Lutz, CEO of BitMEX, told media that 2023 was a good year for cryptocurrency sector. He retained that the year started with turbulence but the emerging trend is positive. He retained that the investors can access new token offerings on their platform.
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