While SEC is working against cryptocurrencies and working on regulations against them, Federal Reserve just injected $53 billion in the banking system. This transaction was done by the repurchase agreements (repo), and an additional amount of $75 billion will be added soon.
This news spread like a forest fire and to this CEO of Binance, Changpeng Zhao reacted with a Tweet by saying that these steps by the government institutions will force people to enter the crypto market and it won’t be a choice anymore. It just depends on how long it will take for this to happen.
You will be forced into #crypto, there is no choice, just a matter of when. https://t.co/gmkglYvQNV
— CZ Binance (@cz_binance) September 19, 2019
This injection of $53 billion in the banking system affected the cryptocurrency market as the price of Bitcoin nosedived towards the $9,700 levels. This sudden drop in the price caused the liquidation of longs worth $150 million on the trading platform, BitMEX.
