BREAKDOWN: After Bloody Weekend, Crypto Market Sentiment Goes Full Bear

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CoinDesk

Business News, Daily News, News, Tech News

4.7 • 698 Ratings

🗓️ 24 January 2022

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Stocks also opened the week down on growing fears of conflict in Ukraine. This episode is sponsored by Nexo, Abra and FTX US. On today’s episode, NLW looks at the growing bearish sentiment around the crypto industry. The culprit, he argues, is a deepening macro malaise that has been exacerbated by growing concerns about war in Eastern Europe. That, piled on top of existing inflation concerns and the Fed’s 180-degree shift from quantitative easing to quantitative tightening have the week kicking off in a particularly bearish mood. - Nexo is a powerful, all-in-one crypto platform where you can securely store your crypto. Invest, borrow, exchange and earn up to 17% APR on Bitcoin and 20+ other top coins. Insured for $375M. Audited in real-time by Armanino. Rated excellent on Trustpilot. Get started today at nexo.io. - Abra is proud to sponsor The Breakdown. Join 1M+ users and Conquer Crypto with Abra, a simple and secure app where you can trade 110+ cryptocurrencies, get 0% interest loans using crypto as collateral, and earn interest with up to 14% APY on stablecoins and 8.15% APY on Bitcoin. Visit Abra.com to get started. - 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. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill 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 “Time” by OBOY. Image credit: id-work/DigitalVision Vectors/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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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.
0:14.9	The breakdown is sponsored by nexo.io, Abra, and FTX, and produced and distributed by CoinDesk.
0:22.7	What's going on, guys? It is Monday, January 24th, and today we are talking about why after an
0:29.2	extremely bloody weekend. The crypto market is going full bear. Before we get into today's
0:37.2	topic, if you're enjoying the show, go subscribe to it, give
0:41.0	it a rating, give it a review, or if you want to get deeper into the conversation, come
0:46.0	join the Breakers Discord.
0:47.9	You can find the link in the show notes, or you can go to bit.ly slash breakdown pod.
0:53.6	We've got discussions going about everything from macro to markets and
0:57.5	beyond, and I know that you'll have a good time there. Finally, disclosure as always, in addition to them
1:03.3	being a sponsor, I also work with FTX. Now, the markets are, as you well know, and will need no reminder, very, very painful right now.
1:14.5	Arthur at Defiance Capital tweeted throughout my five years of crypto investing experience,
1:19.9	this is the move that caught most pros in Wales offside the most,
1:23.9	was not expecting a 60% drop from the peak without a single 20% bounce.
1:29.6	Massive supply-demand-driven sell-off without significant liquidation cascade.
1:35.1	Jason Choi, who invests with Spartan, agreed, saying, plus one,
1:38.9	I think most pros recognized that the froth was apparent and the headwinds well telegraphed.
1:43.6	What caught most people
1:44.5	offside seems to be the severity and magnitude of the drawdown. Most were expecting one to two
1:49.6	year down chop at worst rather than good by 50% of value in a week. So if you're feeling raw,
1:55.8	the point is that you are not alone, but I want to go a little bit deeper in trying to understand
	...

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