My dear readers, let us not be deceived by the mere appearance of a Bitcoin bottom, for even the most ardent optimists must tread carefully. Arthur Hayes, that paragon of wisdom (or perhaps merely a man with a penchant for dramatics), has opined that the cryptocurrency may be nearing its nadir after a truly violent sell-off-though one must wonder if the market is merely playing a game of hide-and-seek with our hopes. 📉
Yet, dear friends, Hayes warns us not to rush to buy the dip, as if the stock market’s next steep sell-off were a grand opera we must wait to witness. How thrilling! A steeper sell-off! How very… thrilling. 🎭
A “weathervane” for liquidity 🧭
In a Nov. 17 blog post, Hayes, ever the dramatist, attributed the cryptocurrency market’s plunge to a reduction in US dollar liquidity-a concept as elusive as a well-timed punchline. According to him, Bitcoin’s price is but a reflection of our collective fantasies about future USD liquidity. How poetic! 🎭
Earlier this year, the cryptocurrency managed to rally to all-time highs, thanks to a mix of ETF inflows, liquidity-positive rhetoric, and treasury companies buying coins like they were the latest fashion trend. Now, however, liquidity is contracting once again, and Strategy’s premium has collapsed. One might say the party has ended, and the guests are now debating whether to leave or stay and dance in the ruins. 🕺
Will the Fed change course? 🧭
Bitcoin’s plunge has coincided with the fading odds of the Fed implementing another rate cut this year. How quaint! A central bank that cannot decide whether to raise or lower rates is the very definition of indecision. 🤷♂️
Yet, Hayes remains optimistic, convinced that a significant stock market correction could restart QE-like liquidity injections. Once money printing resumes, Bitcoin could surge to $200,000-though one suspects this is less a prediction and more a wishful thought. 🚀
Fundstrat’s Tom Lee recently predicted BTC could reach this lofty peak by January 2026, despite the current sell-off. How very… plausible. 🤩
Earlier today, Bitcoin briefly plunged below $81,000 on Bitstamp before paring some losses. A mere hiccup, of course. After all, what is a drop below $81,000 to a cryptocurrency that aspires to $200,000? A minor setback, surely. 🎯
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2025-11-21 21:24