BREAKDOWN: Understanding This Week's Market Whiplash, Feat. Scott Melker
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 28 February 2020
⏱️ 24 minutes
🧾️ Download transcript
Summary
After weeks of not reacting to Coronavirus, the markets took a profound turn for the worse this week, leading ultimately to the fastest correction - i.e. loss of 10% - in recorded history.
In this episode of The Breakdown, @NLW is joined by crypto trader, DJ, and broad market thinker Scott Melker to discuss:
- What the crypto markets demonstrated this week
- What recent price action suggests about the bitcoin as a safe haven narrative
- Why it’s insane that just two weeks ago, despite tens (or hundreds) of millions of people being quarantined in the supply chain capital of the world, stock markets were printing all time highs
- How we went from those ATHs to the fastest correction (10% drop) in recorded history
- What the correction suggests for the fundamentals of our economy
- Why central bankers have fewer options than ever to fight economic turmoil
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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, with your host, NLW. |
| 0:15.0 | The Breakdown is distributed by CoinDesk. |
| 0:20.2 | Welcome back to the breakdown. |
| 0:22.6 | It is Friday, February 28th, and man, what a week it has been. |
| 0:29.2 | Today I'm joined by Scott Melker, who many of you will better know as the wolf of all |
| 0:35.5 | streets on Twitter. |
| 0:41.9 | Scott is a trader. He's a DJ and musician, |
| 0:49.4 | and he is a super, super interesting thinker. Part of the reason that I wanted to bring Scott specifically on the show today is that we've seen a week where there's a lot to dissect in terms of crypto, but there's |
| 0:56.6 | also a lot of contextualization needed in terms of the larger macro economy, right? In terms of the |
| 1:03.0 | larger markets and what's happening there. Scott is the rare trader who speaks as eloquently |
| 1:10.0 | about fundamentals and about the macro economy as he |
| 1:13.7 | does about charts and short-term trends. And I think that you can't really talk about this week, |
| 1:20.5 | whether it's crypto specifically or just the economy in general, without shifting your view |
| 1:26.0 | from the short-term to the long long term. As you'll see, Scott |
| 1:30.0 | makes this point really clearly. He talks at one point in this interview about just how jarring it is |
| 1:36.1 | that something like 10 days ago, the stock market was printing all-time highs, yet now we've had a 10% |
| 1:42.8 | correction. These are strange, strange phenomenon that are not just |
| 1:47.9 | normal patterns in the economy. And a lot of it has to do, as we discuss with, a fundamental shift in |
| 1:54.8 | what stock market numbers even mean, and whether they are, as they once were, about the perceived value of the company, |
| 2:03.0 | or something completely different and fundamentally different, more like a political scoreboard. |
| 2:08.8 | We talk about the legacy of QE and 10 years of quantitative easing and what it has done to these |
| 2:15.1 | markets. But we do also contextualize it in crypto, right? We look at the |
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