After Rektember, Is Uptober Back?

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 5 October 2022

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This episode is sponsored by Nexo.io, Circle and FTX US. After a brutal “Rektember,” might a green “Uptober” be back on the menu? On today’s episode, NLW looks at the markets’ impressive October Day One performance and what’s behind the positive shift. He also looks at the SEC’s Kim Kardashian enforcement action and a new report on crypto from the Financial Stability Oversight Council. - Nexo Pro allows you to trade on the spot and futures markets with a 50% discount on fees. You always get the best possible prices from all the available liquidity sources and can earn interest or borrow funds as you wait for your next trade. Get started today on pro.nexo.io. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - I.D.E.A.S. 2022 by CoinDesk facilitates capital flow and market growth by connecting the digital economy with traditional finance through the presenter’s mainstage, capital allocation meeting rooms and sponsor expo floor. Use code BREAKDOWN20 for 20% off the General Pass. Learn more and register at coindesk.com/ideas. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is “The Now” by Aaron Sprinkle and “The Life We Had” by Moments. Image credit: aleksle/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.2	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.0	The breakdown is sponsored by nexo.io, Circle, and FtX, and produced and distributed by CoinDesk.
0:22.8	What's going on, guys? It is Tuesday, October 4th, and today we are asking the question on everyone's mind
0:29.0	is October back? Before we get into that, however, if you are enjoying the breakdown,
0:34.7	please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the breakers discord.
0:41.8	You can find a link in the show notes or go to bit.ly slash breakdown pod.
0:45.6	Also a disclosure as always. In addition to them being a sponsor of the show, I also work with FTX.
0:51.4	All right, folks, well, there is a hint, a hint of something in the air. Is it possible,
0:59.2	just possible, that rec timber is over and uptover is back? Monday saw strong returns across the
1:07.4	entire stock market. 97% of the S&P 500 ended the day in
1:12.3	positive territory. Overall, the index rose 2.6%. The NASDAQ 100 gained 2.4% and all told,
1:20.2	this was the strongest day for U.S. stock since July. September obviously had done its
1:25.6	crappy September thing.
1:34.2	And for those of you who haven't heard any of my past Why September Suck shows, go back and listen to them from years past.
1:39.8	I didn't do one this year because, well, it was transparent why September was so bad in our particular case.
1:42.7	But more, a lot of the historical info is just the same.
1:47.9	The TLDR is that September is historically the worst month for stocks dating back to 1950.
1:52.5	This time around, September was the single worst month of return since March 2020,
1:57.0	and all major indices bar the NASDAQ, recorded their worst September for 20 years.
2:02.6	In our particular case, the end of September closed out the worst nine-month start to a year for two decades. But then, Monday, was the third best start to an October since 1930. And it wasn't just stocks.
2:11.1	Bitcoin was up 1.7% on the day and Ethereum was up 1.2%. So, of course, the question becomes what's
	...

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