CryptoQuant CEO toasts moves by US and European central banks to ease liquidity strain

March 19, 2023 8:55 p.m | 2 minutes read

As five central banks in the United States and Europe took coordinated action to ease pressure on the global funding market, the price of Bitcoin (CRYPTO:BTC) saw a surge Sunday night that prompted a thoughtful social media post CryptoQuant CEO Ki Young Ju.

What happened: Ki contrasted the actions of central banks with the pseudonymous creator of Bitcoin Satoshi Nakamoto in his tweets on Sunday.

“Satoshi just decided to start printing more bitcoins again to save crypto exchanges. BTC price will go down as supply goes up,” Ki said.

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Satoshi just decided to start printing more bitcoins again to save crypto exchanges.

BTC price will fall as supply increases. /s https://t.co/ucdqiJMHnV

— Ki Young Ju (@ki_young_ju) March 19, 2023

CryptoQuant CEO shared a tweet from the European Central Bankwhich included a press release from the central bank detailing the actions it and other institutions are taking to “improve the provision of US dollar liquidity.”

See also: How to Buy Bitcoin (CRYPTO:BTC)

Why it matters: Ki asked those who believe in the “US dollar system” to imagine if cryptocurrency exchanges invest all customer funds in so-called shitcoins, resulting in Nakamoto printing infinite bitcoins to save the exchanges and the price of the Apex -Coin of Satoshis depends on hawkish or dovish expressions.

Bitcoin surged on Sunday, hitting a high of $28,440.56 in intraday trading. At the time of writing, the largest cryptocurrency by market cap was up 3.5% to $28,074.

Bitcoin is up 25.9% and 68.65% on the week and year, respectively. The second largest coin ether (CRYPTO:ETH) is up 11.6% and 48.7% over a similar period.

On Friday, over $55 million in cryptocurrency shorts were wiped out in just 12 hours as Bitcoin surpassed $26,000.

Read more: Potshot or Praise? Dogecoin Founder Says Cramer Is ‘Good At His Job’ – Elon Musk Responds

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