Binance's internal trading desk is longing.
The only reason they would borrow USDT at 13% APR is to buy Bitcoin outperforming that lending rate.
In FTX, all users were unknowingly lending to Alameda; Binance gives their users the choice to opt-in.
Is it different this time?
During the 2020 Covid crisis, did bitcoin have its moment? Not really, it nuked harder than anything instead of acting as a safe haven—and then traded like a junk risk stock on steroids, mooning at the same time as dogecoin and monkey jpegs.
During the 2022 Russia-Ukraine invasion, did bitcoin have its moment? Not really, interest rates shot through the roof and bitcoin once again traded like a junk risk asset, dropping 65% over the year.
During the 2023 Silicon Valley/Silvergate/Signature Bank collapse, we saw something new happening for the first time. Bitcoin rocketed past $30k, even while stocks and other assets were slumping. However, the pump didn't stick. Was it just a fluke?
Now we're seeing this kind of decoupling for a second time this year, during a time of increasing geopolitical instability when only risk-off assets are supposed to perform. Bitcoin is popping off while S&P 500 is down or flatlining, while gold (+7%) is having a strong month. Is bitcoin popping off just ETF-related or geopolitics-related? Probably a bit of both. Hold on to your asscheeks.
@CryptoCoffee369 You are okay with RH charging 0.3% for bridging but not okay with uniswap charging 0.15% on their front end? Looool. You can use different front end and avoid paying 0.15% fee.
This man refuses to make excuses and play the victim. If he wanted to, he could’ve easily made an excuse to not work. He’s a true warrior. What’s your excuse?
@yourfriendSOMMI Bro, It's not a bottom 😂😂😂😂😂😂 PulseChain sacrifices are just starting to dump their tokens which will drag down HEX too. Imagine if PulseChain drops -95% it needs to drop another -90% to drop to make it, so HEX has at least another one -90% left.
@HEX_TAngent And then what are we going to do? Abandon PulseChain for new L1? It's a joke. There are people that actively stake and use HEX on Ethereum right now. When PulseChain becomes full what would be the difference between eHEX and pHEX? None.
@HEX_TAngent And what happens when PulseChain becomes full? Are you guys aware that ending a 2-3 year stake was already costing ~$2 on PulseChain (I checked 7 days ago)? PulseChain will have the same problems as Ethereum!