Arthur Hayes explains why Bitcoin and Ethereum are pumping but also gave a stark warning.
The cryptocurrency market soared in the past 24 hours, targeting the coveted $1 trillion mark in terms of total capitalization. Leading the way is Ethereum, which is up over 11%, while Bitcoin also pumped by a considerable 5%.
Commenting on the matter was the former CEO and one of the co-founders of BitMEX, Arthur Hayes, who provided his reasoning for the most recent increase.Yesterday, the cryptocurrency market finally made a move and it was to the upside. Bitcoin soared by around 5% in the past 24 hours, currently trading at around $20,300. It is now imperative for the bulls to defend this critical level which contains multiple technical, as well as fundamental resistances.
The veteran explained that money market funds “like short-term T-bills, but there are ain’t enough so they park their money in the Fed’s reverse repo facility. It earns a similar yield. Credit risk is also a factor…” Hayes explained that there’s $2.2 trillion sitting in thee Fed’s Reverse Repurchase Facility and that if this number goes down, the market will continue increasing. However, there’s also a catch.
These buy backs and re-issues of new on-the-run T-bills have not actually happened yet. If this is just a trial balloon and it pops, make sure to put on your adult diaper for the reversal.
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