Former BitMEX CEO Arthur Hayes closed his Bitcoin short position and predicted that US Treasury Secretary Janet Yellen will print more money to support markets, potentially driving Bitcoin higher.
“Closed my $BTC short, made 3% profit, enough to cover my food and bar tab for KBW,” Hayes said in a Sept. 8 post on X. ”Bad Gurl Yellen is watching, if markets go down more she will definitely pump up the jam by printing more money.”
Arthur Hayes Says BTC Might Rise If Dollar Liquidity Increases
Yellen said on Sept. 7 that the US economy remains solid and is on track for a “soft landing” with no meaningful layoffs.
With Yellen prepared to support markets by increasing cash in the economy, the BitMEX founder believes that BTC “might rise” as soon as next week.
BTC Struggles To Reclaim The $55K Support As Crypto Market Cap Remains Below $2 Trillion
Bitcoin was able to break above the $55K mark during the last 24 hours. However, bears have since exerted pressure on the largest crypto by market cap.
As a result, BTC traded at $54,834.21 as of 2:50 a.m. EST. Despite the pullback, the market leader is still up just more than 1% over the past 24 hours. It’s tumbled 4% int he past week.
Almost all of the top 10 cryptos recorded gains in the past 24 hours, with only XRP dropping. The overall market capitalization rose a fraction, but still remains below $2 trillion.
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