BREAKDOWN: 2017 PTSD and the Dip That Ate Alt Season
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 24 April 2021
⏱️ 10 minutes
🧾️ Download transcript
Summary
The story of the week was the Tale of Two Dips.
This episode is sponsored by Nexo.io.
On this edition of “The Weekly Recap,” NLW looks at the twin dips that shaped the week. He argues that one upshot is the dips may have taken the wind out of the sales of some very 2017-esque froth that threatened the entire industry.
-
Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.
-
Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!)
-
Image credit: Nuthawut Somsuk/iStock/Getty Images Plus
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:08.9 | 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 CoinDes. |
| 0:24.2 | What's going on, guys? It is Saturday, April 24th, and that means it's time for the weekly recap. This week was the story of |
| 0:31.6 | two dips. The first actually happened last weekend, Saturday night late East Coast time, to be exact. Between 1115 and 1135, |
| 0:40.9 | the price of Bitcoin fell 12.3 percent, from about 58,500 to 51,300. I did a whole show about this |
| 0:50.3 | on Monday. Basically, Twitter raced to give it a narrative explanation. They pointed to a rumor |
| 0:57.8 | tweet from FX hedgers that the Treasury Department was going after a number of firms for money |
| 1:02.3 | laundering with crypto. That tweet came about 30 minutes before, so there was, I suppose, |
| 1:07.1 | some evidence to the causality. They also pointed to a significant decrease in hash rate |
| 1:13.1 | after a slew of Chinese miners went offline. They even pointed to Turkey, where there is an |
| 1:18.7 | upcoming ban on using cryptos as currencies, while trading, holding, and investing are still allowed. |
| 1:24.8 | My counterpoint on that Monday show was that really this crash had more to do |
| 1:29.2 | with market structure and specifically leverage than any of these highfalut and macro narratives. |
| 1:34.8 | Here's how Nidig put it in the analysis they put out about a day later. Quote, we believe the |
| 1:39.8 | root cause of the sell-off had to do with investor positioning rather than fundamental news. |
| 1:44.6 | Simply put, traders were over-leveraged and positioned long, resulting in forced liquidations. |
| 1:49.8 | Now, some like Alameda's Sam Trebucco, did point to Coinbase's IPO underperforming as a reason |
| 1:55.6 | that the market might have started to sell, but the violence of the move undoubtedly had to do |
| 2:00.4 | with leverage and liquidations. Fast forward to the violence of the move undoubtedly had to do with leverage and liquidations. |
| 2:02.5 | Fast forward to the end of the week Thursday night. The market starts selling off again in a |
| 2:07.1 | pretty vicious way, and again, we try to frame it in big macro narrative terms. This time, it was all |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from CoinDesk, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of CoinDesk and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2025.