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Unchained

Bits + Bips: Market Chaos, Fed Missteps & Harris' ‘Crypto Reset’ - Ep. 688

Unchained

Laura Shin

News, Tech News, Business News

4.51.3K Ratings

🗓️ 14 August 2024

⏱️ 66 minutes

🧾️ Download transcript

Summary

In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann sit down with Chris Cecere of crypto investment firm Asymmetric to make sense of the latest market volatility and the factors driving it. From the impact of the yen carry trade and the Fed’s controversial decisions on interest rates, to the potential signals coming out of Jackson Hole, the discussion cuts to the heart of what’s moving the markets. The group also dives into the SEC’s crackdown on Ripple, the ongoing drama surrounding wrapped bitcoin (WBTC) custody, and whether the Biden-Harris administration is genuinely considering a “crypto reset” or if it’s just political posturing. Show highlights: 00:00 Intro 02:05 Whether the yen carry trade is to blame for the recent market sell-off and the concept of Value at Risk (VAR) 09:25 How Asymmetric handled the volatility of the sell-off using a strategy called “delta replacement” 14:17 Why the Volatility Index (VIX) spiked and whether it could do so again 22:21 Why Alex thinks that unemployment numbers started a panic and what the Sahm rule is 27:24 What might have triggered Jump Trading's sudden liquidation during a massive market sell-off, and whether more funds will face similar pressures 31:15 Why the market and major banks like J.P. Morgan agreed that the Fed missed the mark by not cutting rates in July 41:36 What key signals the Fed might send at Jackson Hole about the future of interest rates and the winding down of quantitative easing 45:40 How significant the timing of the first rate cut is in determining whether it will be bullish or bearish for the markets 53:45 What Ripple's lawsuit settlement and the SEC’s subpoenas to VCs mean for the broader crypto industry 58:13 Whether Harris will actually do a “crypto reset” 1:03:04 The drama surrounding the custody of wrapped bitcoin (WBTC) Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Alex Kruger, Founder of Asgard Joe McCann, Founder, CEO, and CIO of Asymmetric Guest: Chris Cecere, GP and Head of global macro and trading at Asymmetric Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Hey all, if you're a listener in Seoul, South Korea, I will be doing a book event there for the

0:04.9

Korean translation of my book, which in Korean is titled, Etheium billionaires.

0:10.0

It's on August 19th at 7 PM at Chemistry, spelled K-E-E-M-I-S-T-R-I in Gangnam. You can go to the pinned post on my

0:18.4

Twitter profile to RSVP at the Luma link and there's also a link to buy the book for 10% off at Kiobo Book, and we will also have books there for you to buy at 20% off at the event.

0:28.8

Come and ask me a question or get your book signed or just hang out with other crypto people in Seoul.

0:34.0

Again, for all the details and to RSVP at the Luma link, check out the pinned post on my Twitter

0:40.0

and we will also be putting the link in the newsletter starting next week.

0:43.3

Hope to see you then. The sentiment was like Suicide Watch. It was so bad on Sunday night,

0:50.2

you know, my time, Monday morning, Asia Asia time I had multiple people that I don't even know

0:56.0

DM and Twitter and telegram saying like do you think the bottom's in I'm

1:00.9

about to get liquidated this and that like people texting me

1:03.9

and all concerned and I'm like bottoms close like when people really start

1:08.0

getting this scared it's usually when you're very close to a bottom.

1:15.0

Hi everyone welcome to Bits and Bips, exploring how crypto and macro collide one basis point at a time.

1:18.0

I'm your host, James Safert, TradFi Archmaister,

1:21.0

Lord of Bloomberg's End,

1:22.0

here with Alex Krueger, Krueger Macro of House Asgard,

1:24.6

protector of the realm, and Joe McCann, Lord Commander of Asymmetric and Master of Banc.

1:30.0

We're here to discuss the latest stories in the worlds of crypto and macro news.

1:33.6

Just remember that nothing we say here is investment advice.

1:36.2

Please check unchained crypto.com slash Bips and Bips for more disclosures.

1:40.1

Also joining us today is Krits Cheetre. Baron of Asymmetric Treasury, keeper and trader of the golden ledger.

...

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