While the world watches oil prices, one critical Fed cash backstop is almost empty

Bitcoin’s real macro risk right now is more discreet than simply watching the price of oil. Behind the scenes, a Fed liquidity cushion is nearly gone, and it can quickly become a headwind for Bitcoin’s attempt to avoid a deep crypto winter. On March 19, usage of the Federal Reserve’s overnight reverse repo facility stood at just $0.637 billion. Separately, the Fed’s weekly balance-sheet release for March 18 showed to…