Weekly Roundup 03/17/23 feat. Alex Thorn (Bank crisis, Fed makes $2T available, Signature mysteries) (EP.406)
On The Brink with Castle Island
The Bitcoin Price Action Over the Weekend
I think Bitcoin is reacting sharply to that specifically. I think also there's a bit of a relief in the crypto space that USDC was going to be okay. The negative of course is that banking relationships for crypto firms are impaired now. And that there's this loss of liquidity from the loss of Senn and Signet. Yeah it's like the Fed is pushing and pulling at the same time. So tightening via rates and then loosening via this new facility that they're creating. They love to do things that have opposite effects simultaneously. You'd think that that banking system would be pretty frail. Doesn't feel like a very stable equilibrium for the banks right now.
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