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Arthur Hayes Talks About the Main Reason BTC and Ethereum Pumps by CoinEdition

© Stocksak. Arthur Hayes Talks About the Main Reason for BTC & ETH Pumps
  • Arthur Hayes is the co-founder and CEO of BitMEX. He shares his insights about why and how BitMEX is succeeding.
  • He stated that the US Treasury is looking to supply the market more short-term Tbills.
  • In the last 24hrs, the crypto market has regained its $1 trillion market cap.

Arthur Hayes is the co-founder and chief executive of BitMEX. He shares his insights about why Bitcoin and Ethereum are so hot. Hayes stated that the US Treasury is considering supplying the market more short-term Treasury bills (Tbills), to alleviate a shortage.

Hayes mentioned that money market funds like short-term T-bills are parked in the Fed’s reverse repo facility, which earns a similar yield. He stated that crypto markets should prepare for a pump with $2.2 trillion of RRP.

He also stated that there have been no buybacks or re-issues for T-bills. Hayes also said that if this is a trial balloon, it could pop and allow for a reversal.

These buy backs and reissues of on-the-run Tbills have not yet occurred. If this is a test balloon that pops, be sure to change into an adult diaper in case it happens again.

In the last 24 hour, the crypto market has exploded. According to Coingecko data, the crypto market cap has reached $1 trillion. Many cryptos have seen single-digit or double-digit gains.

Ethereum led the gain with 14%. ETH has reached $1,542 from $1.342 and is currently trading for $1,534.50 at the time of writing. Bitcoin, which was trading around $19,261.45, had touched $20,682 and is currently trading on the exchange at $20,652 BTC has gained 7% within the last 24 hours. Other cryptocurrencies also rallied, ending the bloodshed that was evident in recent days.

Coin Edition’s Arthur Hayes speaks out about the main reason for BTC/ETH Pumps

See original on CoinEdition

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