Will the US Default on Its Debt? Circle Ditches Treasuries and Tether Buys BTC
The Breakdown
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The Importance of Small Buy Pressure in a Bear Market
The assumption of Gox sales I continue to find hugely problematic. In these super thin markets we tend to radically underestimate how relatively small new pockets of buying pressure can lead to price changes that incite narrative fires. One of the under-discussed parts of the March rally around the time of banking collapses was that it seems to have been started not necessarily by a bunch of people going out to buy Bitcoin as a hedge against banks, but by finance transferring a billion dollars of its insurance fund from BUSD to Bitcoin. Small buying pressure, especially amplified by public announcements, can make a big difference in this type of bear market.
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