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BitMEX co-founder Arthur Hayes said an expansion in U.S. Federal Reserve liquidity provision could act as an upside driver for the crypto market and projected ETH would reach $10,000 by year-end.
In a recent commentary, Hayes said selling pressure in French government and bank bonds could lead French banks to scale back funding in the repo market. Hayes added that if that pushes up U.S. Treasury financing costs and triggers hedge fund deleveraging, the Federal Reserve Bank of New York could expand its repo operations, increasing the Fed’s balance sheet by about $10 billion a month. Hayes said an increase in dollar liquidity during that process would expand global fiat liquidity, with the crypto market likely to benefit relatively quickly.