Welcome back to The Breakdown with me, NLW.

It's a daily podcast on Macro, Bitcoin, and the Big Picture Power Shifts remaking our world.

What's going on, guys? It is Monday, December 11th, and today we are catching up on macro, tether,

working with OFAC, and much, much more. Before we get into that, however, if you are enjoying

the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to

dive deeper into the conversation, come join us on the breakers discord. You can find a link in

the show notes or go to bit.ly slash breakdown pod. All right, friends, well, as I said, today we are doing a few

different things, a little bit of macro, some interesting KYC news. But let's start off with just a

quick update on price action, as of course we were covering this pretty closely last week.

Bitcoin dumped by six and a5% late on Sunday night,

falling below 41,000 and wiping out five days of gains. The rapid drawdown occurred around 9 p.m.

East Coast time and took just 15 minutes to play out. As I record, Bitcoin is at around 41,700,

which is a slight recovery, but still a long way off of last week's $44,000 level.

According to Coinglass data, the collapse caused more than 270 million in long liquidations,

with $1.2 billion in futures open interest removed, around 6% of open positions. This was the

largest single-day drawdown for Bitcoin in over a month. Now, some looked two

macro factors as part of the reason. Greta Yuan, the head of research at VDX, said,

The broader market has seen a minor adjustment at the start of this week due to the better

than expected non-farm payroll and lower unemployment. The stronger labor market slightly diminished

the hope of the Fed lowering the rate early next year. Gold price also dropped

with the US dollar index rallied. Now, of course, I don't think anyone reasonable is making an

argument that a strong non-farm payroll report would make Bitcoin do a 6% sell-off on a Sunday night,

...