Liquidity Trouble In Paradise: Bitcoin Update
Stocks keep soaring as fund managers have turned on cruise control for the summer, but this luxury has not been afforded to crypto.
The Fed will pause its rate hikes on Wednesday, yet an otherwise bullish event is partly overshadowed by a looming freeze on Binance’s assets the day beforehand.
Immobilizing many users, US and otherwise, from withdrawing their assets may spark a wave of panicked withdrawals and selling throughout the crypto ecosystem of exchanges and assets, bringing the proverbial bitcoin ship to a halt as the crypto anchor slowly sinks to the ocean floor.
While fund managers on vacation and passive flows have markets firmly in Margaritaville, bitcoin faces battles native to its own ecosystem that could have it wastin’ away for an entirely different reason—it’s liquidity trouble in paradise.
Envoy is an easy-to-use Bitcoin mobile wallet with powerful account management & privacy features.
Set it up on your phone in 60 seconds then set it, forget it, and enjoy a zen-like state of finally taking your Bitcoin off of exchanges and into your own hands.
Bitcoin is down 16% over the past 365 days. After taking a massive leg down in June thanks to the explosion of Three Arrows Capital, Voyager, and Celsius in the span of two weeks, bitcoin only found its bottom when the granddaddy of crypto fraud, FTX, collapsed swiftly in November. Now in its 9th straight week of choppy downward trading, bitcoin has not experienced the same gains recently enjoyed by equities: