BREAKDOWN: The Mixed Signals Economy on The Breakdown Weekly Recap
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 11 July 2020
⏱️ 11 minutes
🧾️ Download transcript
Summary
On The Breakdown’s Weekly Recap, NLW explores:
This episode is sponsored by Bitstamp and Crypto.com.
- The final tally on the TikTok Doge viral campaign
- The growing geopolitical tension between China and the US and where it’s manifesting
- Positive economic indicators in reduced jobless claims
- Negative economic indicators in growing COVID-19 cases and deaths
- Why bitcoin is sideways
- Why Treasury yields are down
- Why gold is up
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Transcript
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| 0:00.0 | Welcome back to the breakdown, an everyday analysis breaking down the most important stories in Bitcoin, crypto, and beyond. |
| 0:14.0 | This episode is sponsored by BitStamp and Crypto.com. |
| 0:18.5 | The breakdown is produced and distributed by CoinDesk. And now here's your host, |
| 0:25.2 | NLW. Welcome back to The Breakdown. It is Saturday, July 11th, and this is the weekly recap. |
| 0:37.4 | I think when the story of this week gets written, it's |
| 0:41.1 | certainly hard not to point to Dogecoin and TikTok as one of the more remarkable episodes, |
| 0:48.2 | right? You saw this asset, which as we talked about a few days ago on our show that was all |
| 0:53.1 | about this, is effectively |
| 0:54.6 | a dormant meme coin. People were very upset that I called it a dead meme coin. I'm sorry, |
| 0:59.8 | Doge fans. We can at least call it a dormant meme coin, right? That was pumped in a significant |
| 1:05.7 | way by a campaign on this hugely viral platform in the form of TikTok, right? |
| 1:11.2 | This hugely viral meme platform. |
| 1:13.6 | And we saw significant impacts on the Doge market because meet illiquidity. |
| 1:18.8 | It went up something like 35% at its peak. |
| 1:21.7 | As of the recording, I'm recording this on Friday and it's down 15% in the last 24 hours. |
| 1:27.2 | So it's clearly gone down. |
| 1:28.2 | But the volume went way up as well. |
| 1:29.7 | The volume went up something more like 2,000%. |
| 1:32.0 | You had Frank Shapiro from the block reporting that there were OTC desks that he knew who were fielding calls about this thing. |
| 1:39.6 | And, you know, there's so much, I mean, if you want to go explore more about what the real significance |
| 1:44.2 | of this was, you can listen to that full episode, but I do think it's very telling of what you're |
| 1:50.1 | going to see when this new category of day traders who came into these markets through Robin Hood, |
... |
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