Bitcoin is unlikely to revisit the $77,000 price level anytime soon after the Fed signaled a slowdown in quantitative tightening (QT), says BitMEX co-founder Arthur Hayes.
On March 10, Bitcoin (BTC) dipped near the $77,000 level for the first time since November, according to CoinMarketCap data.
“Was BTC $77k the bottom, prob,” Hayes said in a March 20 X post after declaring that QT is “basically over” following the Fed’s March 19 announcement that starting in April, it will slow its securities sell-off by reducing the monthly Treasury cap from $25 billion to $5 billion.
Bitcoin is up 3.53% over the past seven days. Source: CoinMarketCap
This could ease liquidity pressures and support risk assets like Bitcoin, as QT involves central banks selling assets to reduce the money supply and possibly raise interest rates.
“The next thing we need to get bulled up for realz is either SLR exemption and or a restart of QE,” Hayes added.
The Supplementary Leverage Ratio (SLR)
