BREAKDOWN: The Bloodbath-ening – Is This the End of the Crypto Bull Market?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 19 May 2021
⏱️ 15 minutes
🧾️ Download transcript
Summary
In a sea of red, investors ask whether this is just a bull market pullback or represents a more fundamental bearish turn.
This episode is sponsored by Nexo.io.
In one of the bloodiest days in recent crypto history, NLW looks at the reasons behind the wild market crash and explores whether it means an end to the bull market. As part of this, he explores five different categories of fear, uncertainty and doubt (FUD):
- Elon energy FUD
- Resurgent tether FUD
- China ban FUD
- Used for crime FUD
- Regulatory FUD
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Transcript
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| 0:00.0 | The thing is, the long-termers are up a lot in Fiat terms from last year still, and I find |
| 0:05.9 | it likely that they're going to be discount shopping like crazy. |
| 0:09.2 | I know that I spent my morning frantically working to find an exchange where I could |
| 0:12.6 | myself re-up. |
| 0:14.0 | If that's the case, and buyers come in and scoop these discounted assets to get to some |
| 0:18.3 | healthy-feeling levels, even if they're below what they were before. It could be that we look back in a few months and realize that bigger bull market |
| 0:25.3 | means bigger crazy swings along the way. Welcome back to The Breakdown with me, NLW. |
| 0:32.7 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:39.5 | The breakdown is sponsored by nexo.io and produced and distributed by CoinDes. |
| 0:46.2 | What's going on, guys? It is Wednesday, May 19th, and boy, oh boy. There are some days that you |
| 0:53.0 | remember for a long time in this industry. |
| 0:56.4 | Last year, we had Black Thursday, March 12th, where Bitcoin fell from above 11,000 all the way |
| 1:02.0 | touching down below 4,000. That was the COVID bottom, and of course, we started marching from |
| 1:08.0 | there. Now we have Wednesday, May 19th, the bloodbathening, and the question is, of course, we started marching from there. Now we have Wednesday, May 19th, the bloodbathening, |
| 1:13.0 | and the question is, of course, is this the end of the crypto bull market? Right now, I honestly |
| 1:19.3 | can't even tell how far down we are because every tracking app and every exchange website is |
| 1:23.5 | somewhere between offline and intermittent. Gas prices are through the roof as people try to |
| 1:28.0 | exit their positions. Liquidations have been massive and are still rolling in. There seems now to have been |
| 1:33.3 | a slight reprieve, but honestly, who knows? Because people were saying that last night as well. |
| 1:38.0 | So like I said, I think there are two questions on everyone's mind. The first is what the hell |
| 1:43.1 | cause this? The second is whether this is one of those |
| 1:46.4 | big bull market corrections before we rock it off to the moon, or a shift back to a bear market. |
... |
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