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Bitcoin Billionaire Arthur Hayes Blames Crypto Plunge on 'Contraction in Dollar Liquidity'

Arthur Hayes, former CEO of BitMEX, attributes the recent decline in Bitcoin's price to reduced U.S. dollar liquidity rather than lack of government support or retreating institutional investment. He suggests that Bitcoin has been buoyed by hedge funds engaged in 'basis trades' involving Bitcoin ETFs, like BlackRock's IBIT. Hayes warns that Bitcoin may drop to the low $80,000s before potentially surging to between $200,000 and $250,000, depending on future U.S. monetary policy. He notes a significant outflow from Bitcoin ETFs, which has contributed to a market correction, further complicating the situation. This market behavior has led to misconceptions among retail investors regarding institutional confidence in Bitcoin, creating a negative feedback loop that could provoke more sales. Overall, Hayes views lower dollar liquidity as indicative of a larger 'credit event' that could prompt government action to increase liquidity, rejuvenating Bitcoin's upward trajectory in the process.

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Kraken Scores $800M Raise Backed by $200M Citadel Investment

Kraken, a prominent crypto exchange, has raised $800 million in funding, including $200 million from Citadel Securities, aiming to bridge traditional financial markets with blockchain infrastructure. This funding round values Kraken at $20 billion and marks a significant shift in the relationship between cryptocurrency firms and traditional finance. The capital

Kraken Scores $800M Raise Backed by $200M Citadel Investment

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