Jack Tan, Co-founder of crypto trading platform WOO Network, joins CoinDesk's "All About Bitcoin" to discuss his reading of bitcoin's stagnant price following the implosion of crypto exchange FTX. Plus, his outlook on crypto markets and macro trends in 2023.
"I’m looking at the world as a trader so I try to match the narrative to price action. One thing I noticed is the 2-year rate already flattening out…. so while Fed Chair Powell keeps reiterating 5.1-5.2% for the Fed funds rate, the 2-year Treasury has fallen from 4.7% to 4.2%. The 2-year rate has been a leading indicator for what the Fed does and it seems they are often playing catch up. Interestingly, the BTC and ETH have held up well vs ALTs and vs tech stocks like TESLA, which makes me think that perhaps the factors linking gold and bitcoin are coming into play," Tan said.
Watch the full interview below.
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