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Founder of BitMEX: As the mid-term elections are approaching, the Fed may use methods other than RRR cuts to release liquidity

August 24, 2022
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BitMEX founder Arthur Hayes published a new blog post exploring the impact of dollar liquidity on the crypto market. Arthur believes that the real dollar total, that is, dollar liquidity, is a more direct factor affecting the price of the crypto market than the dollar interest rate.

Arthur mentioned that in addition to US dollar interest, the reverse repurchase (RRP) held by the New York Fed and the general account of the US Treasury (TGA) are also means of regulating the total dollar volume. Although the Fed has been raising interest rates recently, the latter two indicators It shows that the other hand is increasing dollar liquidity.

Arthur speculates that with the midterm elections approaching, the ruling body has an incentive to promote short-term economic conditions, on the one hand, maintaining interest rate hikes to create an image of fighting inflation to ordinary voters, and at the same time no longer tightening liquidity to protect the interests of supporters behind the election.

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