Bitcoin
Bitcoin
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Bitcoin prices are trading sideways after rallying toward a historic four-year halving thanks to the debut of the nascent Wall Street Spot Bitcoin Exchange Traded Fund (ETF).
US Treasury Secretary Janet Yellen, former Federal Reserve Chair, will drop $1 trillion Bitcoin and crypto bombshell next week as Congress now deems new crypto bill a 'disaster' There is a possibility of doing this.
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US Treasury Secretary Janet Yellen has been declared the most important person to watch during the financial crisis. … [+]
“Forget about the May Fed meeting. [second quarter] Refund announcements will be announced next week…expect price increases if any of these three options occur [stocks] And most importantly, a re-acceleration of the crypto bull market,” Arthur Hayes, legendary crypto trader and founder of the Maelstrom Investment Fund, wrote on I mentioned the fiscal refinancing deadline.
“Mr. Yellen has a few options as to what kind of game she will play. 1. Zero out the Treasury Department's general account and stop issuing bonds, which equates to a $1 trillion liquidity injection.2 . Move more borrowing into Treasury bills and reduce funding ” through reverse repurchase agreements, or $400 billion in liquidity injections. 3. A combination of 1 and 2. It will not issue long-term bonds, only bills, and will simultaneously use up the Treasury's general account and reverse repurchase agreements. That's $1.4. trillions in liquidity injection. ”
The Treasury's general account is a liability on the Fed's balance sheet that must match assets and is used by the government to meet payments. If this empties out, it could act as a kind of stimulus and boost risk assets like Bitcoin.
“The Fed is irrelevant,” Hayes said, adding that she has “the utmost respect” for Yellen.
“The big focus of the market has shifted to Treasury's announcements on general account levels,” Althea Spinozzi, head of fixed income strategy at Saxo Bank, said in a preview of quarterly refinancing announcements seen by the US financial institution. . coin desk.
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Bitcoin prices soared last year, hitting an all-time high of over $69,000 per coin. … [+]
The rise in Bitcoin prices last year rose from a low of $15,000 per Bitcoin after the collapse of the exchange FTX to an all-time high of over $70,000, but it was mainly due to the Fed's interest rate cut and expectations for the debut of interest rates. Brought to you by. Introducing the long-awaited Wall Street Spot Bitcoin ETF group.
While recent economic data has all but eliminated the possibility of the U.S. cutting interest rates anytime soon, inflows into new Bitcoin ETFs have all but dried up.
“Cryptocurrency markets continue to trend bearish this week,” Rachel Lin, CEO of Singapore-based derivatives decentralized exchange Thin Futures, said in emailed comments.
“Following the strong rebound seen earlier in the week, bears sold, and the long-awaited Bitcoin halving ended without significantly impacting price action. We expect Bitcoin to remain flat or trend down for the week until it breaks above its previous high (currently $73,600).
