Benzinga – As five central banks across the United States and Europe took coordinated action to ease the stress on the global funding market, the price of Bitcoin (CRYPTO: BTC) saw a spike on Sunday evening, which prompted a reflective social media post from CryptoQuant CEO Ki Young Ju.
What Happened: Ki contrasted the action of the central banks with Bitcoin’s pseudonymous creator Satoshi Nakamoto in his tweets on Sunday.
“Satoshi just decided to print more Bitcoins again to bail out crypto exchanges. BTC price will go down as its supply increases,” said Ki.
Satoshi just decided to print more Bitcoins again to bail out crypto exchanges.
BTC price will go down as its supply increases. /s https://t.co/ucdqiJMHnV
— Ki Young Ju (@ki_young_ju) March 19, 2023
The CryptoQuant CEO shared a tweet from the European Central Bank, which featured a press release from the central bank detailing the actions it and other institutions are taking to “enhance the provisions of US dollar liquidity.”
Why It Matters: Ki asked those that believe in the “U.S. dollar system” to imagine if cryptocurrency exchanges invested all client funds in so-called shitcoins, which leads to Nakamoto printing infinite Bitcoins to bail out the exchanges and the price of the apex coin being contingent on Satoshi’s hawkish or dovish expressions.
Bitcoin spiked 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% at $28,074.
Bitcoin has seen 25.9% and 68.65% gains for the week and the year, respectively. The second-largest coin, Ethereum (CRYPTO: ETH) has shot up 11.6% and 48.7% in a similar period.
On Friday, over $55 million in cryptocurrency shorts were wiped in just 12 hours as Bitcoin crossed the $26,000 mark.
Read Next: Potshot Or Praise? Dogecoin Founder Says Cramer ‘Good At His Job’ — Elon Musk Reacts
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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