PANews reported on October 9th that BitMEX co-founder Arthur Hayes published a new article titled "Long Live the King!" He argues that Bitcoin's past bullish peaks are correlated with fluctuations in the "price and supply" relationship between the US dollar and the Chinese yuan, and that the current cycle differs from the patterns of the past four years. He analyzes three cycles from 2009 to 2021: Bitcoin peaked and then fell when US dollar/CNY credit growth slowed or contracted and interest rates rose; prices strengthened when the US dollar engaged in large-scale quantitative easing (QE), helicopter money, or when China aggressively expanded its credit. The article suggests that the Federal Reserve's tendency to lower interest rates and expand the money supply, coupled with China's signals of an end to deflation and moderate credit growth, could prolong this rally.