Bitcoin Growth in Asia: Opportunities Arise
In Asia, the collapse of Silicon Valley Bank and other U.S. banking issues have not significantly impacted the market. This presents a unique opportunity for Asian banks to fill the gap left by American financial institutions, with some already providing fiat pipelines for crypto.
Bitcoin Rally Sustainability: Testing $30,000
The current bitcoin rally may face some resistance at the $30,000 mark, as fundamental support might be lacking. Joe DiPasquale, CEO of BitBull Capital, believes that the overheated price action could soon lead to a correction toward $25,000.
Bank Term Funding Program's Impact on Bitcoin
The Bank Term Funding Program (BTFP) has played a role in Bitcoin's recent surge. While some experts argue that BTFP is a bigger stimulus for bitcoin than COVID-19-induced quantitative easing, the reduced liquidity is a noticeable side effect.
Liquidity Concerns in the Crypto Market
Since February, crypto research firm Kaiko has expressed concerns about the lack of liquidity in order books. However, BitMEX Acting CEO Stephan Lutz downplays these concerns, stating that bitcoin's liquidity remains solid and trading volumes have not decreased.
Bitcoin as a Safe Bet in Times of Crisis
Lutz argues that bitcoin's surge represents a "flight to quality," similar to what is seen in traditional markets during times of crisis. With stablecoin angst on the rise, many investors are choosing to put their funds into bitcoin and other altcoins rather than U.S. dollar stablecoins.