BREAKDOWN: Bitcoin Reclaims $30K as the Macro Discussion Shifts From Inflation to COVID-19 to Growth
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 21 July 2021
⏱️ 14 minutes
🧾️ Download transcript
Summary
Bitcoin’s rebound following a gloomy week may be an expression of a shifting macro narrative.
This episode is sponsored by NYDIG.
Bitcoin is up just over 7% in the last 24 hours, following its first close below $30,000 since New Year’s Day. On this episode of “The Breakdown,” NLW proposes possible explanations for this reversal, including:
- Competing concerns of Inflation and slow post-COVID recovery
- Institutional interest in crypto
A few weeks ago, headlines were centered around markets being nervous about inflation. Emergence of the Delta variant and its induced lockdowns, coupled with reports of unexpectedly slow growth in Q2 in China, casts doubt on the inflation concerns. Which concern will prevail and drive the next macro narrative?
Many speculated non-fungible tokens would be a fleeting phenomenon, in fashion for a short period of time and then fading away. However, an investment round for NFT platform OpenSea raised $100 million. Is OpenSea’s success an indicator of renewed long-term investor confidence in crypto?
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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 Rob Mitchell 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 “Only in Time” by Abloom. Image credit: Nuthawut Somsuk/iStock/Getty Images Plus, modified by CoinDesk.
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Transcript
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| 0:49.5 | Let's try to take a step back and ask, what did we learn from all of this? |
| 0:53.6 | I think the biggest |
| 0:54.2 | takeaway from me here is that the macro narrative is pretty soft right now. In other words, |
| 0:59.7 | there is not a lot of conviction around what happens next. We went from real nervousness one |
| 1:04.4 | day to renewed optimism the next, and this is obviously also true in crypto. |
| 1:10.3 | Welcome back to The Breakdown with me, NLW. |
| 1:14.4 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 1:21.5 | The breakdown is sponsored by Nidig and produced and distributed by CoinDesk. |
| 1:27.8 | What's going on, guys? It is Wednesday, July 21st, and today we're going to discuss |
| 1:32.5 | one, Bitcoin's price rebounding, two, some interesting nuggets from the institutional |
| 1:37.0 | world, and three, a bit of a shift in the broader macro discussion. Let's start off |
| 1:42.8 | with price. The beginning of this week was super gloomy, |
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