BREAKDOWN: Understanding Bitcoin's Blistering Rise Past $30,000
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 4 January 2021
⏱️ 14 minutes
🧾️ Download transcript
Summary
Bitcoin has started 2021 off with a bang. Here’s what investors and analysts think is driving the rise (and today’s dip) as well as predictions for what happens next.
This episode is sponsored by Nexo.io.
The end of December was a momentous time in bitcoin’s history. Not content to clear the psychological barrier of $20,000, bitcoin’s price smashed up almost all the way to $30,000, although it would take the turn to the new year to hit that new high-water mark.
In this episode, NLW looks at interpretations of why bitcoin is rising, why it dipped today and what analysts and investors think will happen next. This analysis includes:
- Evidence of institutional FOMO including a rise in bitcoin whale addresses
- Massive outflows from Coinbase Pro over the weekend
- The impact of derivatives liquidations that occurred Monday morning
- Commentary from OTC desks on Q1 2021 possibilities
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Transcript
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| 0:00.0 | Bloomberg again, published a piece this morning called Bitcoin's Rally comes to a halt as prices |
| 0:05.1 | fall most since March. Their talking head quote of choice was today's sell-off is a reminder |
| 0:09.9 | that this is a relatively new asset, highly volatile and still yet to find its place in the market. |
| 0:14.8 | There are many major hurdles for it to overcome for it to be a useful mainstream asset. |
| 0:19.2 | Maybe so, but in my estimation, this volatility narrative |
| 0:23.0 | and more specifically this volatility dismissal from some asset managers is at this point |
| 0:28.8 | an excuse for why they haven't gotten themselves or their fiduciaries involved. |
| 0:34.7 | Welcome back to The Breakdown with me, NLW. |
| 0:38.8 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:45.7 | The breakdown is sponsored by nexo.io and produced and distributed by CoinDesk. |
| 0:52.4 | What's going on, guys? It is Monday, January 4th, 2021, and after the long holiday break, I am so excited to be back |
| 1:01.2 | with you. |
| 1:02.1 | I don't think this will come as a surprise to anyone, given that we've had this great |
| 1:06.7 | series of interviews, but I haven't had a chance to talk with you about what's been going on. |
| 1:12.4 | Today's episode could only be about understanding Bitcoin's blistering rise past 30,000. |
| 1:19.4 | Later this week, I'll be back with the normal brief format. I'll have a couple interviews for |
| 1:24.2 | you guys that you'll really enjoy. But today, we just have to dig into |
| 1:28.2 | why number go up and more specifically how people are interpreting that rise and what happens next. |
| 1:34.2 | I hardly need to give you the play-by-play if you're alive and you're listening to the show |
| 1:39.5 | and you've been watching what's going on. But the way I might get into this conversation is |
| 1:44.0 | let's go back to |
| 1:45.1 | November 30th when we hit a new technical all-time high. It really brought shockingly little |
... |
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