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tl;dr
A couple of Occasional Series rants (and no, not about racist policemen who support the normalisation of parading around London glorifying Swastikas) that shed light on why the crypto revolution is so important for us as individuals. A new L3 is attracting a lot of attention, for now at least.
Market Snap
Market Wrap
Boom, the perpetual futures funding rate turns neutral as this morning’s sell-off was exacerbated by a long squeeze. They will never learn.
The trigger for the leveraged pain was twofold. Strong economic data out of the US lifted DXY to its highest level since mid-November (BTC is negatively correlated to DXY). This was accompanied by another day of outflows from Grayscale overwhelming the inflows to the other ETFs.
Despite all the evidence of a strong economy in the US, the yield curve remains inverted. That can only mean one thing — rates are coming down, and coming down fast. If you want to know why, read on.
Occasional Series — The IMF
The IMF is not famed for getting its forecasts right.
In a recent blog (what happened to good old-fashioned reports?) it has warned that excessive government debts (they got that bit right) will keep long-term interest rates high for years to come. That’s the bit they have got badly wrong.
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