Bitcoin’s Rally to $30K Being Driven by Good Old-Fashioned Spot BTC Buying

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 12 April 2023

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

Description Bitcoin hit $30,000 for the first time since June 2022 last night. On today’s episode, NLW looks at why the evidence suggests this rally is – unlike previous crypto rallies –driven by spot buying instead of leverage trading. He also looks at how the crypto market has evolved and is seemingly more hostile to previously hyped narratives. 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= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW - “The Breakdown” is written, produced and narrated by Nathaniel Whittemore aka NLW, with editing by Michele Musso and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Foothill Blvd” by Sam Barsh. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	In the wake of one of the most tumultuous years in crypto history, the conversations happening at Consensus 2023 have never been more timely and important.
0:09.0	This April, CoinDess is bringing together all sides of the crypto, blockchain, and Web3 community to find solutions to crypto's thornyest challenges and finally deliver on the technology's transformative potential.
0:19.2	Join developers, investors, founders, brands,
0:21.3	policymakers, and more in Austin, Texas, April 26 to 28th for Consensus 20203.
0:26.8	Listeners of the breakdown can take 15% off registration with code breakdown.
0:31.3	Register now at consensus.com and join CoinDesk at Consensus 2023.
0:36.3	Thank you. and join CoinDESC at Consensus 2023.
0:46.5	Welcome back to The Breakdown with me, NLW.
0:52.4	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:55.8	The breakdown is produced and distributed by CoinDest.
0:59.3	What's going on, guys?
1:05.0	It is Tuesday, April 11th, and today we are talking about why Bitcoin is just an absolute narrative bulldozer right now as we hit 30K for the first time since last year.
1:12.2	Before we get into that, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to
1:15.9	dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the
1:19.9	show notes or go to bit.ly slash breakdown pod. All right, friends, lots of fun things to talk
1:24.9	about today. We hit $30,000 Bitcoin for the first time since June of last year.
1:30.1	We're going to discuss what narratives are driving that and why it is such a distinctly Bitcoin rally.
1:35.2	Before that, for those who missed it or haven't heard the show yet, I made a big announcement earlier today.
1:39.6	In short, we are launching the Breakdown Network. It's an entire network of podcasts and other content
1:45.1	dedicated to these big picture power shifts that are at the heart of the breakdown.
1:49.1	The first spinoff show in the series is going to be Bitcoin Builders, a show about this
1:53.5	Cambrian explosion of incredible creativity and energy and excitement that is flooding
	...

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