Arthur Hayes of BitMEX, the co-founder and CEO said that Bitcoin will not return to the $77,000 level any time soon. The Fed has signaled a pause in the quantitative tightening.
Bitcoin (BTCFor the first time in November, the. ( ) index fell below $77,000. according CoinMarketCap Data
“Was BTC $77k the bottom, prob,” Hayes said In a post on March 20, X, after stating that QT was “basically over” The Fed announced on March 19, that starting It will lower the limit on monthly Treasury sales, from 25 billion dollars to 5 billion.
Bitcoin’s price has increased by 3.53% during the last week. Source: CoinMarketCap
QT, which involves central banks buying assets from each other, could help ease liquidity concerns and boost risk assets like Bitcoin. reduce the money supply The interest rate could rise.
“The next thing we need to get bulled up for realz is either SLR exemption and or a restart of QE,” Hayes was added.
The Supplementary leverage ratio (SLR), or exemption, was a temporary measure during the COVID-19 epidemic that permitted banks to exclude US Treasury bonds from their SLR calculations. Quantitative easing is a policy that encourages spending and stimulates the economy.
Jamie Coutts, chief crypto analyst at Real Vision, echoes Hayes’ sentiments said In a post on March 19, X that “QT is effectively dead.” Coutts clarifies that “treasury volatility” The market has calmed after the US Dollar’s decline earlier in this month. This is a good sign for increasing liquidity.
Jeff Axie, co-founder of Axie Infinity, is another optimist. “JiHo” Zirlin said The Fed is slowing down. “great for both crypto and equity markets.”
“The Fed has significant leeway to loosen up, providing more support for businesses + markets,” Mark Moss is a Bitcoin investor, Zirlin told him. said The QT is ending. “the dam is going to break.”
Related: Bitcoin risks new ‘death cross’ as BTC price tackles $84K resistance
The crypto markets have risen in response to the Fed’s remarks.
The Crypto Fear & Greed IndexThe. This tracks overall sentiment has been moved to “Neutral” After lingering for 49 years in territory, “Fear” Since Feb. 26,
Infinex’s Kain Warwick said that despite Bitcoin falling nearly 22 percent from the highs of January, which were $109,000, it was still a good investment. “normal mid-bull correction.”
“I would need to see a much larger breakdown to flip bearish,” Warwick said. “My baseline thesis is the four-year cycle holds once again, which means we keep grinding up through the rest of the year.”
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Source: cointelegraph.com
