Bits + Bips: What Iran, Oil Shocks, and No Rate Cuts Mean for Crypto
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Hi, everyone. Welcome to another episode of Bits and Bips The Interview, the show where crypto and macro collide one basis point at a time. My name is Steve Ehrlich, head of research at SharpLink and also your host. We've got a terrific episode for you today. But before we begin, let's take a brief moment to hear from some of the sponsors who make this show possible.
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Alright. Welcome back. So my guest today is Lawrence Frowson. He is a research analyst at at GEICO, and we're going to discuss everything from markets collapsing across all asset classes in light of the surge in energy pricing, as well as some news that has popped up over the last couple of days that actually should be bullish for crypto, namely the launch of Tempo's main net and sort of the agented commerce wars that are coming. And we're also going to touch on tokenization, Nasdaq getting its long awaited clearance from the SEC to begin offering tokenized versions of stocks alongside its tra
Thank you, Steven. Thanks for having me on the show. Happy to be here.
Yeah. Thrilled to have you as well. So let's really dive right in. As I was preparing the show a few hours ago, I was sort of debating whether or not to characterize Bitcoin as sort of remaining as a safe haven amidst this geopolitical crisis in Iran. It dropped yesterday along with most other assets in light of the Fed holding rates steady and sort of cautious commentary from Fed chairman Jerome Powell about the impact of persist or the potential for persistent inflation because of everything happening in The Gulf. As we are recording now, I believe Bitcoin has dropped under 69,000 even thoug
In terms of how we're monitoring Bitcoin, we usually look at liquidity and how that's changed over the past couple of months. And what we can see is that since the October 10, which was which was obviously a a huge hit for the market, liquidity has dropped from 25,000,000 on average at 1% from the mid price to 15,000,000 on average. And because of that, we also see that there's a lot more volatile moves happening in the past few months. Like we saw this short squeeze rally from 60 k to 70 to 74 ish k in the past two, three weeks. On top of that, we've seen 30%, 40% in reduced volumes. And this
Okay, yeah, a lot to kind of unpack there. So let's kind of get to it piece by piece. I want to go deeper into what you're seeing in terms of Bitcoin and sort of, I guess, it's relative buoyancy compared to other traditional safety events, at least over the last week or two. It briefly touched on 76,000 just a few days ago. It's obviously down since then. On my show last week, we had Andy Baer from GSR and he sort of mentioned what you just discussed too, that sort of the competing narratives as to whether or Bitcoin's functioning as a safe haven because people now see it as a safe haven or is
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