BREAKDOWN: Are Amazon Rumors Behind Bitcoin’s Biggest Surge in Months?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 26 July 2021
⏱️ 13 minutes
🧾️ Download transcript
Summary
This weekend’s upward market movements could have come from a variety of driving forces.
This episode is sponsored by NYDIG.
Crypto’s green weekend was the biggest surge in recent months. On this episode of “The Breakdown,” NLW analyzes the various forces behind the success, including:
- An Amazon job posting and token rumor
- Viral tweets from a teenager and an astrologist
- Market structure explanations
The first piece of news from Amazon was in the form of a “Digital Currency and Blockchain Lead” job posting. Next, a self-proclaimed Amazon insider told London-based newspaper City A.M. the job requisition was part of a larger Amazon-crypto strategy, even hinting at the possibility of a token. How legitimate is this “insider”?
Two viral tweets, one from TikTok influencer Teen Executive and another from astrology and bitcoin enthusiast Maren Altman, seemed to point to this weekend as the time for upward volatility. Could these two tweets have sparked market movement?
Though prices are undeniably impacted by narratives, market structure is often the underlying and logical explanation. In this weekend’s case, a short squeeze could be the simplest answer. Were unwinding short positions the driving factor behind price?
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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.
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”The Breakdown” is written, produced by and features NLW, with editing by Adam B. Levine/Adrian Blust 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 “Razor Red” by Sam Barsh. Image credit: Alex Wong/Getty Images News, modified by CoinDesk.
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.3 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:16.4 | The breakdown is sponsored by Nidig and produced and distributed by CoinDes. |
| 0:22.9 | What's going on, guys? It is Monday, July 26th, and welcome to a green Monday. |
| 0:30.1 | Bitcoin had an absolutely ripping weekend, moving from the 32,000 we saw entering the weekend |
| 0:35.5 | all the way up to 39,000. As I record, it's off just a |
| 0:41.0 | little from that at around 38,500 or so, but still up about 12% in the last 24 hours. Basically |
| 0:48.7 | everything besides Bitcoin is up as well. So the question of today's show is, of course, what's behind the surge. |
| 0:57.8 | Now, usually price action I don't think would be worth an entire show. However, in today's |
| 1:02.7 | context, I think it is for a couple reasons. First is that it actually reveals or at least says |
| 1:07.8 | a lot about some of the ways that different forces interact with one |
| 1:11.4 | another to create price action in crypto markets that I think is a good reminder, especially as |
| 1:16.0 | we get locked into one narrative explanation or another. The second reason is that it's been |
| 1:20.9 | kind of bleak for a little while, so let us enjoy our one day of face-ripping volatility to the |
| 1:25.9 | upside discussion, okay? All right. So, four possible |
| 1:29.4 | answers I've seen on crypto Twitter about why Bitcoin is having its biggest surge in a couple |
| 1:34.5 | months. The four possible answers I've seen are an Amazon buy rumor, a teenage soothsayer, |
| 1:40.2 | astrology, and a short squeeze. So let's go through these. Amazon buy rumor. This is sort of a |
| 1:46.6 | weird combination of a real thing and a rumor. The real thing happened at the end of last week. |
| 1:52.1 | Amazon posted a job listing on its job site for a digital currency and blockchain product |
| 1:56.4 | lead. Quote, you will leverage your domain expertise in blockchain, distributed ledger, |
| 2:00.6 | central bank digital currencies, and cryptocurrency. to develop the case for the capabilities which |
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