BREAKDOWN: What Drove Bitcoin's Dip Under $60K
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 16 November 2021
⏱️ 16 minutes
🧾️ Download transcript
Summary
As is so often the case, it was a combination of macro news and market structure.
This episode is sponsored by NYDIG.
Bitcoin has been on a journey over the last 24 hours, from nearly $65,000 all the way down to $58,000 and everywhere in between. On today’s episode, NLW explores what’s driving it, including:
- Leveraged traders left over from last week’s all-time high
- Twitter CFO saying no investments in crypto
- President Biden signing the U.S. infrastructure bill with crypto broker redefinition
- Inflation questions
- Federal Reserve leadership questions
Finally, he points to Marathon’s offering of a half billion dollars in debt to buy more BTC and rigs as a counter-indicator.
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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.
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“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Malte Mueller/Getty Images, modified by CoinDesk.
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Transcript
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| 0:00.0 | Now we've got the Twitter CFO throwing cold water on being a new domino on the Bitcoin |
| 0:04.1 | Treasury thing. |
| 0:05.2 | We've got perhaps recognition of the longness of the ensuing regulatory battle headed |
| 0:09.8 | our way. |
| 0:11.1 | That's maybe enough for some pause in the momentum of Bitcoin, but we had so much momentum |
| 0:16.1 | going into last week with that big inflation print, right? |
| 0:19.2 | Well, sort of. |
| 0:20.1 | And that's the thing we need to |
| 0:21.1 | talk about. Macro insecurity and mixed signals. Welcome back to the breakdown with me, |
| 0:28.6 | NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:36.9 | The breakdown is sponsored by Nidig and produced and distributed by CoinDes. |
| 0:43.4 | What's going on, guys? It is Tuesday, November 16th, and let's be honest. Bitcoin has been on a bit |
| 0:49.9 | of a journey over the last 24 hours. In that period, its high was 64,875, its low was 58,641, and it is currently 61,130. |
| 1:03.5 | Now, on the one hand, this sort of volatility is part and parcel of the crypto markets. It doesn't |
| 1:09.1 | take much time hanging out here to get a little |
| 1:11.8 | inoculated to these sort of moves as stressful or anything really other than just part of the game. |
| 1:18.7 | It's also, by the way, that while no financial advice, for almost everyone the right crypto market |
| 1:24.3 | strategy is some version of buy and hold or dollar cost averaging. |
| 1:28.9 | But still, I think it's worth asking what's driving, even what might be ultimately a pretty |
| 1:34.6 | regular move for the crypto markets, as the price action helps give a lens to understand |
| 1:39.8 | what else might be happening that surrounds the crypto markets that could be influencing it. |
| 1:44.6 | So with that in mind, the setup to what's happening now came last week. |
... |
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