U.S. Treasury General Account (TGA) vs Bitcoin vs Nasdaq
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Citigroup believes that the recent weak performance of Bitcoin is an important warning sign, which may reflect a deterioration in the market liquidity environment. Since mid-July, bank reserves have decreased by about $500 billion, which has historically put pressure on both Bitcoin and the stock market. However, Citigroup expects that as the U.S. Treasury General Account (TGA) reconstruction nears completion, liquidity conditions will improve, potentially supporting Bitcoin and the Nasdaq Index (NDX) to regain upward momentum
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