BREAKDOWN: How the Macro Landscape Is Shaping Bitcoin Markets
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 29 June 2021
⏱️ 11 minutes
🧾️ Download transcript
Summary
A rapidly changing landscape is leading to insecurity on a broad scale.
This episode is sponsored by Nexo.io.
Highlights from today’s Breakdown:
- The latest legal challenges around the Bitcoin white paper
- A barrage of institutional bitcoin news
- What the S&P 500 hitting all-time highs has to do with the crypto markets
For those worried there was a loss of momentum around institutions entering bitcoin, fear not. Cathie Wood’s ARK is joining forces with 21 Shares to become the latest to apply to the U.S. Securities and Exchange Commission (SEC) to launch a bitcoin ETF. Morgan Stanley has bought more than 28,000 shares of the Grayscale Bitcoin Trust.
More broadly, markets have been buoyant over the last few weeks, closing at new all-time highs on Monday. This is finding its way into crypto markets, which reflects how increasingly intermingled traditional investors are becoming with crypto investors.
Could a new COVID-19 variant negatively impact the economy’s overall momentum? If it did, what would the likely impact on bitcoin and other cryptos be?
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Nexo.io lets you borrow against your crypto at 6.9% APR, earn up to 12% on your idle assets, and exchange instantly between 100+ market pairs with the tap of a button. Get started at nexo.io.
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Transcript
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| 0:00.0 | While the Fed for a while kept insisting that this inflation was nothing but transitory, |
| 0:05.0 | they're now starting to walk that back, saying that it's at least time to begin talking |
| 0:09.8 | about talking about what it would look like to taper Fed support for the economy. |
| 0:14.9 | The concern, of course, is that if they let inflation run too hot, it could get out of their |
| 0:19.5 | control. |
| 0:20.7 | So, as Fed's support has looked |
| 0:22.8 | less assured for markets, it has hit many of the things that did so well over the last year, |
| 0:28.5 | particularly those risky assets like tech stocks and yes crypto. Welcome back to the breakdown |
| 0:35.3 | with me, NLW. |
| 0:42.7 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:49.3 | The breakdown is sponsored by nexo.io and produced and distributed by CoinDes. |
| 0:57.0 | What's going on, guys? It is Tuesday, June 22nd, and today we are talking about how the macro landscape is shaping Bitcoin markets. But first, let's start with something completely gross. |
| 1:04.3 | The pseudonymous creator of Bitcoin.org, Cobra, has been ordered by the High Court in London |
| 1:09.4 | to stop hosting the Bitcoin white paper. |
| 1:12.6 | Basically, Craig Wright's latest delusions of grandeur involve running around trying to sue everyone |
| 1:17.2 | who has the Bitcoin white paper on their website for copyright infringement. |
| 1:21.1 | Cobra lost the case basically by default, saying, quote, |
| 1:25.0 | Unfortunately, the court rules allowed for me to be sued pseudonymously, |
| 1:28.4 | however, I couldn't defend myself pseudonymously. So I was put in an impossible situation |
| 1:33.3 | of losing my privacy or losing the case in a default judgment. It sucks, but there's nothing |
| 1:38.3 | more I could have done, really. I think the whole thing is disgusting, but Cobra said it better |
| 1:42.6 | than I could, so I'll just read his other statement about this. |
... |
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