4.8 • 786 Ratings
🗓️ 23 January 2021
⏱️ 11 minutes
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0:00.0 | Welcome back to The Breakdown with me, NLW. |
0:09.1 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
0:15.9 | The breakdown is sponsored by nexo.io and produced and distributed by coin desk. |
0:28.9 | What's going on, guys? It is Saturday, January 23rd, and that means it's time for the weekly recap. |
0:35.7 | Now, of course, from a short-term perspective, the story of this week was the price action. It started nice for the Ethereum folks who finally had their |
0:39.7 | moment getting up above the widely agreed upon marker of 1420 as the Ethereum all-time high. |
0:47.3 | They got their moment of celebration before it quickly went back down again, which the Bitcoin |
0:51.8 | community obviously understands as we had that long two-week |
0:55.1 | period between 19,000, 674 and 20,000, where we were all debating whether we actually hit |
1:01.2 | that all-time high or not or if it even mattered. Anyways, by the end of the week, it had gotten |
1:05.3 | ugly for absolutely everyone, but especially the Bitcoiners. On Thursday, prices dipped all |
1:10.6 | the way back down under 30,000 |
1:12.8 | before rebounding again on Friday. |
1:15.8 | Theoretically, this was all about a fud cycle. There was Janet Yellen Fudd when she testified |
1:22.1 | as part of her confirmation hearings to become Treasury Secretary and said that |
1:26.8 | crypto was mainly used for illicit |
1:28.7 | activity. There was the persistence of tether fud, the idea that there's a huge scam waiting to unravel |
1:35.4 | and it'll take the whole Bitcoin industry down with it because it's the genesis of Bitcoin |
1:39.5 | success. And then of course there's the double spend fud, which happened on Thursday, and which was really a story of reporting gone wrong. |
1:47.3 | I explained yesterday why I think those were not actually the cause of this dip, but simply narrative fuel, helping sophisticated buyers take advantage of what was an inevitable correction after such a massive move up. |
2:00.2 | But if that price was the short-term story, |
2:02.6 | I think that they're sitting right in front of our faces was also the more significant |
... |
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