For Russia and Ukraine Refugee Charities, Crypto Is a Lifeline

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 20 July 2022

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Chainalysis and FTX US. On today’s episode of “The Breakdown,” NLW looks at the possible reasons for crypto’s recent rally and discusses the growing role of crypto in Russia and Ukraine related to refugee nonprofits and charities. - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company safeguards your crypto by relying on five key fundamentals including real-time auditing and insurance on custodial assets. Learn more at nexo.io. - Chainalysis is the blockchain data platform. We provide data, software, services and research to government agencies, exchanges, financial institutions and insurance and cybersecurity companies. Our data powers investigation, compliance and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases. For more information, visit www.chainalysis.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. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Michele Musso and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “The Now” by Aaron Sprinkle. Image credit: Malte Mueller/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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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.
0:14.8	The breakdown is sponsored by nexus.com, chain aliasis, and FtX, and produced and distributed by CoinDes.
0:23.1	What's going on, guys? It is Tuesday, July 19th, and today we are discussing the latest out
0:29.1	of Russia as regards crypto. But before we get into that, if you are enjoying the breakdown,
0:35.1	please go subscribe to it, give it a rating, leave a review, or if you want to
0:39.1	dig deeper into the conversation, come join us on the Breakers Discord. You can find a link in the
0:43.9	show notes or go to bit.ly slash breakdown pod. Also, a disclosure as always. In addition to them
0:50.0	being a sponsor of the show, I also work with FTX. All right, friends, so today we are talking a bit about what's been going on in Russia with regard
0:59.8	to crypto, but before we do that, let's do just a little bit of price talk.
1:05.7	Yesterday saw Bitcoin hit its highest price in the last 30 days, surging up above 22,000 to nearly 23,000.
1:13.3	Ethereum was up even more and remains now above $1,500 per eth on the merge narrative, which
1:19.3	was, of course, the subject of yesterday's show. As they are wont to do, a handful of vaults
1:24.6	surged even more than that. So what is this rally about?
1:29.3	I've seen a few possible explanations that I think perhaps kind of tell the story if you
1:34.3	pick and choose from them and put them together.
1:36.3	The first theory is it's some sort of stabilization in the macro.
1:40.3	From CoinDesk, Oanda's senior market analyst Edward Moya said that crypto sentiment was improving amid signs that the global economy would remain on solid footing in the near future.
1:50.4	As the Fed implies that it would only raise interest rates by 75 basis points at next week's FOMC meeting, rather than the full percentage point markets were pricing in.
1:59.1	Moya said, quote, if Bitcoin continues to stabilize here
2:02.0	over the next two weeks, the crypto winter could be over. End quote. Now, that is way, way too
2:09.0	optimistic for my taste and sort of ignores the geopolitics of the macro right now, in my opinion,
	...

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