Roundup 10/28/22 (Bitcoin's hashrate spike, Miner insolvencies, Lightning v Rollups) (EP.365)
On The Brink with Castle Island
00:00
Bitcoin and Crypto Markets Hanging in Compared to Equities
I think financial conditions are no longer tightening. They're not loosening, they're just tightening at a slower rate. Bitcoin and crypto markets generally are anticipating that as the purest gauge of liquidity in the system. I think what was going on was the BOJ was busy selling long bonds as fast as they could to defend the yen. The Fed took notice of that, realized the treasury market would be significantly impaired if the dollar kept rallying.
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