BitMEX Co-Founder Arthur Hayes conveyed a positive outlook on Bitcoin (BTC) amid the backdrop of US Dollar liquidity.
Consequently, Hayes shared a chart reflecting the net reverse repurchase agreement (RRP) and treasury general account (TGA) balance changes, citing a potential link between higher dollar liquidity and the BTC price.
In a post on the X platform, formerly Twitter, the Co-Founder of BitMEX urged the Bitcoin community to maintain their attention on the market.
Similarly, another crypto analyst shared figures that indicated an RRP of $65 billion and a TGA balance of $35 billion. Accordingly, this post highlighted a net liquidity surge of $106 billion since November 21.Remarkably, this uptick, as emphasized by BitMEX Co-Founder Hayes, indicates the correlation between dollar liquidity and Bitcoin. In line with this, questions arise regarding the potential ripple effects on various asset classes, extending beyond crypto.
Simultaneously, amidst these market discussions, US Secretary of the Treasury Janet Yellen, a skeptic of Bitcoin, issued a caution to crypto exchanges.
Speaking at the G20 finance ministers and central bank governors meeting, Yellen highlighted the importance of compliance in the digital currency industry.
Furthermore, she highlighted the need for adherence to regulations to operate within the United States financial system, reinforcing the regulatory backdrop amid the evolving liquidity scenario.
This cautionary comes in the wake of the Department of Justice's (DOJ) verdict, which deemed Binance, a leading crypto exchange, guilty of money laundering and various other charges.
According to CoinGecko’s data, Bitcoin price currently stands at $37,722.28, reflecting a 0.89% increase as of the latest update on Saturday. Within the past 24 hours, BTC reached a notable yearly high, touching $38,415.34.
