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BitMEX co-founder Arthur Hayes is bullish on Bitcoin (BTC). Hayes shared his thoughts on X Alongside a chart depicting net reverse repurchase agreement (RRP) and treasury general account (TGA) balance changes, Hayes referred to United States Treasury Secretary Janet Yellen as “Bad Gurl Yellen.”In the X post, Hayes encouraged fellow Bitcoin enthusiasts to stay focused, highlighting a significant uptick in U.S. dollar liquidity. He suggested BTC will likely mirror the rise in dollar liquidity, leading to an increase in its price.The accompanying chart illustrates the net variations in RRP and TGA balances, indicating a possible link between heightened dollar liquidity and the BTC 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.— Arthur Hayes (@CryptoHayes) November 25, 2023

Meanwhile, crypto analyst dharmafi shared more specific figures on X. The post emphasized an RRP of $65 billion and a TGA balance of $35 billion, with a significant net liquidity surge of $106 billion since Nov. 21.As highlighted by Hayes, the rise in liquidity shows the changing dynamics in financial markets. Investors and Bitcoin enthusiasts observing liquidity injections can anticipate potential effects on the cryptocurrency market.While the BitMEX co-founder highlighted the connection between dollar liquidity and the Bitcoin price, dharmafi’s data reinforces the impact of the liquidity surge. The $106 billion rise in net liquidity since Nov. 21 has raised questions about potential effects on diverse asset classes, including cryptocurrencies.Related: CoinFLEX creditors dissatisfied with restructuring to OPNX: Report Meanwhile, Yellen, a skeptic of Bitcoin, recently cautioned cryptocurrency exchanges to abide by the law when speaking with Reuters at a meeting of G20 finance ministers and central bank governors.Yellen stressed the significance of compliance in the digital currency industry, underscoring the need to follow regulations to operate within the U.S. financial system.Magazine: Big Questions: What’s with all the crypto deaths?

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All Cryptos Insider © 2024. All rights reserved.