Bullish or Bearish? 2022 Markets Started Rough, but It Wasn't Just Crypto

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 2 February 2022

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Today on “The Breakdown,” NLW looks at what the first month of the year taught us about what to expect in 2022. Overall, he argues that the most important megatrend was the shift from risk-off to risk-on as the U.S. Federal Reserve looks towards quantitative tightening later in the year. He looks at: Crypto markets down Stock market down Venture investment into crypto hit $4.4 billion for the month Regulatory happenings and why the crypto lobby is more prepared than ever - Nexo is a powerful, all-in-one crypto platform where you can securely store your crypto. Invest, borrow, exchange and earn up to 18% APR on Bitcoin and 20+ other top coins. Insured for $375M. Audited in real-time by Armanino. Rated excellent on Trustpilot. Get started today at nexo.io. - Arculus™ is the next-gen cold storage wallet for your crypto. The sleek, metal Arculus Key™ Card authenticates with the Arculus Wallet™ App, providing a simpler, safer, and more secure solution to store, send, receive, buy, and swap your crypto. Buy now at getarculus.com. - FTX US is the safe, regulated way to buy bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “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 “Time” by OBOY. Image credit: Jackie Niam/iStock/Getty Images Plus, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

Click on a timestamp to play from that location

0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.2	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.0	The breakdown is sponsored by nexo.io, Arculus, and FTX, and produced and distributed by CoinDesk.
0:22.6	What's going on, guys? It is Tuesday, February 1st, and that means we are doing a little bit of a review of how 2022 got started.
0:32.0	Are things bullish? Are they bearish? Are they somewhere in between? We will get into all of that.
0:37.2	But first, if you're
0:38.1	enjoying the breakdown, go subscribe to the show, give it a rating, give it a review, or if you want to
0:43.2	dig deeper into the conversation, join us on the breakers Discord. You can find the link in the show
0:48.6	notes, or you can go to bit.ly slash breakdown pod. And as always, a quick disclosure. In addition to them being a sponsor of the show,
0:57.4	I also work with FTX. So what we are doing today, as I mentioned, is we're going to look at
1:03.2	January. This is a January review. It's February 1st. Kind of just makes sense, right? Let's start
1:09.1	with the tail of the tape.
1:20.2	Bitcoin started January at around 47,000. Currently, it is at around 39,000 and got below 34,000 for a time.
1:26.9	Overall, it was down about 19% on the month. Ethereum started January at around 3,700. Currently, it's at around 2,700 and got down below
1:31.2	2,300, so it was down about 27% on the month. The market as a whole started January above
1:38.4	$2.35 trillion. Currently, it's at around $1.8 trillion and got down close to $1.7 trillion at the lows, down 23% on the month.
1:48.5	Trading volumes also weren't great. Bitcoin trading closed the month with only $78.7 billion in volume,
1:54.4	according to Trading View. That's down from $103.6 billion in volume for November, compared to an all-time high peak of $200.4 billion for May.
2:04.7	However, when it comes to understanding January, you have to also understand what's been going on
2:10.7	with other parts of the market as well. The NASDAQ index closed the month down 10%. In fact,
2:17.1	it narrowly avoided doing worse than its
2:19.4	worst January ever, which was in 2009. The S&P index closed the month down 5.8%. Even the supposed
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Blockworks, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Blockworks and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.