Bitcoin Reclaims $30K as the Macro Discussion Shifts From Inflation to COVID-19 to Growth

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 22 July 2021

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

Bitcoin is up just over 7% in the last 24 hours, following its first close below $30,000 since New Year’s Day. On this episode of “The Breakdown,” NLW proposes possible explanations for this reversal, including: Competing concerns of Inflation and slow post-COVID recovery Institutional interest in crypto A few weeks ago, headlines were centered around markets being nervous about inflation. Emergence of the Delta variant and its induced lockdowns, coupled with reports of unexpectedly slow growth in Q2 in China, casts doubt on the inflation concerns. Which concern will prevail and drive the next macro narrative? Many speculated non-fungible tokens would be a fleeting phenomenon, in fashion for a short period of time and then fading away. However, an investment round for NFT platform OpenSea raised $100 million. Is OpenSea’s success an indicator of renewed long-term investor confidence in crypto? -- Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW The Breakdown is sponsored by NYDIG https://nydig.com/nlw/ The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Nuthawut Somsuk/iStock/Getty Images Plus, modified by CoinDesk.

Transcript

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0:00.0	Let's try to take a step back and ask, what did we learn from all of this?
0:03.9	I think the biggest takeaway from me here is that the macro narrative is pretty soft right now.
0:09.3	In other words, there is not a lot of conviction around what happens next.
0:13.1	We went from real nervousness one day to renewed optimism the next, and this is obviously
0:17.6	also true in crypto.
0:20.5	Welcome back to The Breakdown with me, NLW.
0:24.6	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:31.8	The Breakdown is sponsored by Nidig and produced and distributed by CoinDesk.
0:38.3	What's going on, guys?
0:39.3	It is Wednesday, July 21st, and today we're going to discuss one, Bitcoin's price rebounding,
0:45.3	two, some interesting nuggets from the institutional world, and three, a bit of a shift in the broader macro discussion.
0:52.3	Let's start off with price. The beginning of this week was super gloomy,
0:58.0	and yesterday Bitcoin ended up printing its first close below 30K since New Year's Day. By the way,
1:05.5	if you're wondering what it means for Bitcoin to close, given that it's a 24-7 market,
1:10.6	it's the price at the end of the day
1:12.2	UTC coordinated universal time. However, lo and behold, we woke up this morning to green, green,
1:18.7	green. At the time of recording, Bitcoin is up a little over 7% in the last 24 hours to almost
1:24.0	exactly 32,000. So what's the explanation? Well, first, let's acknowledge that the
1:30.5	cleanest and realist answer is, no one knows, but it might be as simple as the fact that,
1:35.8	while Bitcoin seems like it remains relatively weak, it got oversold, and traders didn't
1:40.6	think a $29,000 price tag made sense. Second, I also want to point out that I
1:45.6	truly do not care about day-in, day-out price when it comes to my own personal holdings or my
	...

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