BREAKDOWN: The Biggest Macro Event Since March
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 9 November 2020
⏱️ 14 minutes
🧾️ Download transcript
Summary
According to the bright minds of FinTwit, the biggest event isn’t the U.S. presidential election but today’s Pfizer vaccine update.
This episode is sponsored by Crypto.com and Nexo.io.
Today on the Brief:
- GRIN gets 51% attacked
- Crypto trading volume down 25.8% in October
- How the market is receiving Joe Biden
Our main discussion: The stock market soars on promising Pfizer COVID-19 vaccine trials.
The S&P 500 and DJIA hit new all-time highs after Pfizer announced its experimental vaccine had prevented COVID-19 in 90% of patients. Travel stocks soared, work from home stocks suffered and safe havens fell. In this episode, NLW explores the shifting market sentiment, as well as what it means for bitcoin.
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Transcript
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| 0:00.0 | We've seen a situation where the money supply has increased dramatically, but the inflationary |
| 0:06.1 | impacts of that haven't really been felt because the velocity of money isn't there. |
| 0:10.4 | People have been behaving more resiliently with their spending. |
| 0:13.8 | What happens if that changes? |
| 0:15.6 | How fast do we switch to a concern about inflation happening really quickly? |
| 0:20.3 | Would we see something that was hot |
| 0:22.0 | enough that they would have to take emergency action in the other direction? We have been so |
| 0:27.0 | hungry for good vaccine news that things are feeling right now in the markets like this is all |
| 0:33.6 | going to be over soon. Welcome back to The Breakdown with me, NLW. |
| 0:40.2 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:46.1 | The breakdown is sponsored by Crypto.com and nexo.io and produced and distributed by CoinDest. |
| 0:53.6 | What's going on, guys? |
| 0:54.9 | It is Monday, November 9th, and I am back from traveling and excited to be with you again. |
| 1:02.3 | And today, we are talking about the biggest macro events since March. |
| 1:07.4 | And no, it is not Joe Biden. |
| 1:09.9 | It has been since the very beginning all about the vaccine |
| 1:14.0 | trade. And boy, oh boy, is that the story today? First up, however, let's do the brief. |
| 1:19.3 | First on the brief today, the latest 51% attack in crypto. There have been a spade of 51% attacks this year. This is, of course, where miners or |
| 1:31.2 | a miner acquire more than 50% of a network's hash power. The latest to fall victim is Grin. |
| 1:38.7 | If you'll remember, Grin was an absolute VC darling. They pushed the idea of a fair launch. |
| 1:45.8 | They had a pseudo-anonymous founder. |
| 1:48.2 | They had a Harry Potter mythology. |
... |
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