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Hayes – BitMEX co-founder, stated that Bitcoin is in an upward trend. Hayes argued that a significant increase in US dollar liquidity would increase Bitcoin’s price.
Hayes indicated a net liquidity increase of $106 billion since November 21. This increase stemmed from the increases in RRP and TGA accounts. The RRP is a tool that banks use to borrow funds from the Fed. The TGA is an account where the US Treasury Department holds money temporarily. Hayes said that this increase in liquidity would cause investors to invest more money in Bitcoin, leading to a rise in Bitcoin’s price.
Getting my feet did and observing how Bad Gurl Yellen is busy pumping financial assets. Don’t get distracted, $ liquidity is increasing and $BTC will go up as well. This is the chart of net RRP and TGA balance changes. pic.twitter.com/l2US0FzlAX
— Arthur Hayes (@CryptoHayes) November 25, 2023
Crypto Analyst Dharmafi also shared data supporting Arthur Hayes’ views. According to Dharmafi, the RRP balance has increased by $65 billion and the TGA balance by $35 billion since November 21, amounting to a total net liquidity increase of $106 billion. US Treasury Secretary Janet Yellen continues to be skeptical about Bitcoin.
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Yellen, at a recent meeting of G20 finance ministers and central bank governors, stated that cryptocurrency exchanges need to follow the laws. Yellen emphasized the importance of compliance in the digital currency industry and the need to adhere to regulations to operate within the US financial system.