Good morning Asia, here's what's making news today: 1. Bitcoin has broken through $28K, but will it face resistance at $30K? 2. Is liquidity an issue for bitcoin? bitmex CEO Stephan Lutz weighs in. thesamreynolds writes
) and bitcoin looks to be heading back toward the moon starting the week just over $28,000 which puts it up 27% over the last week.Bank Term Funding Program While some, like former BitMEX CEO Arthur Hayes, have called BTFP a larger stimulus measure for bitcoin than Covid-induced quantitative easing, reduced liquidity appears to be a knock-on effect.
“Even if you have another hike of interest rates, [BTFP] just floods the market with liquidity again,” he said. “Quantitative easing is back in in a different disguise.” “You see stablecoin angst. People are going out of stables and back into bitcoin,” Lutz said, highlighting that the most recent patterns of trades he’s seen involve creating synthetic US dollar equivalent positions in derivatives markets via shorts.
Liquidity doesn’t just refer to the ability of the market to absorb moves back and forth into bitcoin. It’s also about fiat to crypto pipes.
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