Bitcoin's status as the best candidate for replacing fractional reserve baking is resurfacing, states Ashraf Laidi of AshrafLaidi.com.
Following another 30% plunge in First Republic Bank's (FR) shares after announcing an additional loss of $72b in deposits, including the $30bn in emergency deposits provided by 11 banks. FR's latest bleed is captured in Wednesday's pre-market action (chart below), plotted against Bitcoin's swift jump back to $30000.
Meanwhile, the ongoing bipartisan impasse over the US debt ceiling negotiations is driving US CDS to a new 22-year high. No, we will not need to post a gold chart, showing rapid gains, but you can guess what's happening to metals. You can bet that odds of post-May Fed tightening are increasingly inverse with XAUUSD.
Learn more about Ashraf Laidi at AshrafLaidi.com