Bleak Week as Bitcoin Hits 3-Month Low

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 20 September 2022

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Chainalysis and FTX US. On today’s episode, NLW looks at why bitcoin hit a three-month low over the weekend. He also discusses traders’ predictions about the upcoming interest rate hike at this week’s Federal Open Market Committee meeting and a new enforcement action from the Securities and Exchange Commission. - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company ensures the safety of your funds by employing five key fundamentals including real-time auditing and recently increased $775 million insurance on custodial assets. Learn more at nexo.io. - Chainalysis is the blockchain data platform. We provide data, software, services and research to government agencies, exchanges, financial institutions and insurance and cybersecurity companies. Our data powers investigation, compliance and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases. For more information, visit www.chainalysis.com. - 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. - 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 by and features Nathaniel Whittemore aka NLW, with today’s editing by Eleanor Pahl and Rob Mitchell. 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 “Razor Red” by Sam Barsh and “The Life We Had” by Moments. Image credit: wenjin chen/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	why wouldn't the Fed be even more aggressive and just go all the way to 1%.
0:03.6	I think there are a few reasons.
0:05.9	The first is that reading between the lines, in some ways the biggest priority for the Fed
0:10.4	remains psychological.
0:12.3	They don't want inflation expectations to become entrenched.
0:16.0	They keep referencing the 1970s as a time where the Fed waffled, and they don't want to be
0:20.2	seen as doing that.
0:21.9	I don't believe that doing another 75 basis point hike for a third meeting in a row
0:25.8	will appear to anyone to be a waffle, so they don't have a, let's call it, marketing need to go
0:30.9	all the way to 100.
0:33.5	Welcome back to The Breakdown with me, NLW.
0:37.6	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:43.3	The breakdown is sponsored by nexus.com, and FtX, and produced and distributed by CoinDesk.
0:51.3	What's going on, guys? It is Monday, September 19th, and today we are talking about what is shaping up to be a bleak week.
1:00.4	Before we get into that, however, if you are enjoying the breakdown, 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.
1:09.9	You can find a link in the show notes or go to
1:11.3	bit.ly slash breakdown pod. Also a disclosure as always. In addition to them being a sponsor of the show,
1:17.0	I also work with FTX. Well, folks, I have just one word to say about this past weekend, and that is
1:23.6	blech. I hope with all of my heart that you are off doing something fun rather than sitting
1:28.5	around watching prices go down and down and down some more. So it is with a heavy heart that I say
1:33.9	welcome to Bleak Week Baby. Now obviously the big event coming up this week is the FOMC meeting
1:40.7	which will happen on Tuesday and Wednesday. One way or another, this meeting will produce
	...

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