BitMEX co-founder Arthur Hayes posted on X about Bitcoin returning above $80,000. He believes the driving force behind this rally is the Federal Reserve’s interest-rate hikes, and that crypto regulatory legislation has failed to become a market catalyst. Rate hikes put more dollars in the hands of the wealthy, and these funds will flow back into financial assets such as stocks and Bitcoin. Hayes made these remarks in response to market performance after the Senate on September 15 failed to reach the 60-vote threshold by a 49–50 margin and was unable to advance the CLARITY Act. He reiterated his long-standing view: Bitcoin’s value comes from being outside the regulatory system, and the only variable pushing up prices is the global fiat money supply—not legislation from Washington. As Bitcoin broke above $84,000, about $192 million in positions were liquidated within an hour, further fueling the rally.