Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
https://alternativeeconomics.co/blogline/54906-bitcoin-explodes-higher-as-chinese-money-market-liquidity-collapses 3hrs ago
Bitcoin Explodes Higher As Chinese Money Market Liquidity Collapses
As one veteran trader noted something is very broken. After a massive short-squeeze stronger in offshore yuan during the day session, overnight yuan deposit rates have exploded 31.5 percentage points higher to 45% - just shy of the record highs - as China's liquidity crisis is front-and-center. At the same time, coincidence or not, Bitcoin has gone vertical, smashing through previous record highs.
The People's Bank of China injected CNY10 billion via seven-day reverse repos and skipped 14-day reverse repos at its open-market operations Thursday, according to traders.
The moves resulted in a net drain of CNY140 billion for the day.
The central bank has removed CNY435 billion in liquidity at OMMOs so far this week.
Utter desperation for liquidity has prompted deposit rates to explode.....
CRYTPO GOOONAAA MOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOON
Bitcoin Explodes Higher As Chinese Money Market Liquidity Collapses
As one veteran trader noted something is very broken. After a massive short-squeeze stronger in offshore yuan during the day session, overnight yuan deposit rates have exploded 31.5 percentage points higher to 45% - just shy of the record highs - as China's liquidity crisis is front-and-center. At the same time, coincidence or not, Bitcoin has gone vertical, smashing through previous record highs.
The People's Bank of China injected CNY10 billion via seven-day reverse repos and skipped 14-day reverse repos at its open-market operations Thursday, according to traders.
The moves resulted in a net drain of CNY140 billion for the day.
The central bank has removed CNY435 billion in liquidity at OMMOs so far this week.
Utter desperation for liquidity has prompted deposit rates to explode.....
CRYTPO GOOONAAA MOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOON