Oh, great Scott! Bitcoin and its digital pals have taken a wild rollercoaster ride after a massive market crash this week. You know, just another day in Crypto-ville!
Still waiting for the Bitcoin & Altcoin Correction Party 🎈?
Bitcoin’s price is doing the cha-cha, down 2% to a paltry $97,500. Daily trading volumes? Down 20% to a mere $64.3 billion! And altcoins? They’re feeling the heat too, with Ethereum (ETH) flirting with support at $2,700 and XRP plummeting 8% earlier today.
Will the US Dollar‘s liquidity crisis kill the crypto buzz? ☠️
Former BitMEX CEO Arthur Hayes has his eye on some intriguing macro factors that could impact the crypto market. He shared insights from renowned macroeconomist Felix Zulauf, pointing out three worrying signs in the U.S. dollar liquidity landscape. Buckle up for this wild ride:
- A declining U.S. fiscal deficit might negatively affect dollar liquidity.
- An increased Treasury General Account (TGA), despite reaching the debt limit weeks ago, is further straining dollar liquidity.
- U.S. banks are reducing dollar loans to foreign entities, which could amplify the liquidity squeeze.
Hayes warns that a drying up of US Dollar liquidity might not be the best news for the crypto market rally. He even predicted a “mini financial crisis” before the mega rally to $250K.
What’s up with BTC‘s trend? 📈
Crypto analyst Ali Martinez points out that BTC is currently consolidating between $90,900 and $108,500. But, until there’s a decisive move beyond this range, the trend remains uncertain. So, keep your eyes peeled!
Key Macro Factors to Watch 🔍
The US jobs data coming up this week will be crucial in determining the next monetary policy changes. And, as if we needed more drama, Bitcoin naysayer Peter Schiff has his own two cents:
“The yield on the 10-year Japanese government bond is now up to 1.28%. The rise in JGB yields is a big story that few are paying attention to. The coming greater financial crisis may well begin in Japan, but the impact will be even greater in the U.S.”
So, there you have it! Keep your eyes on the US dollar, the job market, and Japan’s bond yields. And, as always, remember that in crypto, the only certainty is uncertainty! 😉
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2025-02-05 13:51