BREAKDOWN: Meltdown Monday and the Great De-Pegging
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 10 May 2022
⏱️ 19 minutes
🧾️ Download transcript
Summary
Stocks nuked. Commodities nuked. A stablecoin really, really nuked.
This episode is sponsored by Nexo.io, NEAR and FTX US.
Yesterday was one for the history books. NLW discusses the shifting macro setup as markets start to move from concern around inflation to concern around recession. The bulk of the episode is spent on the Luna-UST de-pegging event that has rocked the crypto industry over the last few days and that even made it to a discussion on Capital Hill with Treasury Secretary Janet Yellen.
-
Nexo is a secure crypto exchange and crypto lending platform. Buy 40+ hot coins with your bank card in seconds and swap between exclusive pairs for cashback. Earn up to 17% interest on your idle crypto assets and borrow against them for instant liquidity. Simple and secure. Head over to nexo.io and get started now.
-
NEAR is a blockchain for a world reimagined. Through simple, secure, and scalable technology, NEAR empowers millions to invent and explore new experiences. Business, creativity, and community are being reimagined for a more sustainable and inclusive future. Find out more at NEAR.org.
-
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.
-
Consensus 2022, the industry’s most influential event, is happening June 9–12 in Austin, Texas. If you’re looking to immerse yourself in the fast-moving world of crypto, Web 3 and NFTs, this is the festival experience for you. Use code BREAKDOWN to get 15% off your pass at www.coindesk.com/consensus2022.
-
“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. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “Catnip” by Famous Cats and “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: Malte Mueller/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
Click on a timestamp to play from that location
| 0:00.0 | I'm not really going to get into the can UST survive, will it come back stronger, blah, blah |
| 0:04.6 | takes, just because I think that we're still in the middle of this. I guess the best that I can |
| 0:09.3 | find is that I think that if anything is good, I'm glad that we're ripping through this cycle now, |
| 0:14.2 | rather than it dragging on and UST becoming a $100 billion asset first. |
| 0:19.6 | Welcome back to The Breakdown with me, NLW. |
| 0:23.7 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:29.5 | The breakdown is sponsored by nexo.io, near NFTX, and produced and distributed by CoinDesk. |
| 0:37.2 | What's going on, guys? It is Tuesday, May 10th, and today we are talking about Meltdown Monday. |
| 0:44.0 | It was one for the history books. Before we get into that, however, if you are enjoying the |
| 0:48.6 | breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to |
| 0:52.9 | dig deeper into the conversation, |
| 0:54.9 | come join us on the Breakers Discord. You can find a link in the show notes or go to bit.org |
| 0:59.2 | slash breakdown pod. Also a disclosure, as always, in addition to them being a sponsor of the show, |
| 1:04.7 | I also work with FTX. Now, we occasionally have days in crypto that feel like they're deserving of their own name, |
| 1:13.4 | and yesterday was certainly among them. I'm calling it Meltdown Monday. Shout out to Rick on |
| 1:19.0 | Twitter for that suggestion. Now, of course, the story you've been hearing about and watching is |
| 1:24.0 | the Stable Coin of the Terra ecosystem losing its peg. I mean, Treasury Secretary |
| 1:29.3 | Janet Yellen was already talking about it on the hill this morning if you need a sense of its |
| 1:33.5 | significance. But to understand this whole story, you need to put it in a larger context. |
| 1:39.7 | Even without UST's crazy depegging event yesterday, the markets were totally deserving of this |
| 1:45.5 | moniker of meltdown. Alex Kruger writes May 9th, 2022, a day to remember. Nasdaq, down 4%, gold |
| 1:53.2 | down 2%, oil down 7%, natural gas down 12%, uranium, 8%, soybeans 2 percent, and so on and so forth. |
... |
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.