It feels to me possible that we're in one of those restructural reset moments where the connection

to digital gold in the context of gold performing so well has a halo effect that really

connects the Bitcoin narrative to the macro narrative in a way that completes the circle from something

that started to happen in a huge way in March and April. The fact that the odds of some major, major shift in the

global arrangement of power around the dollar has increased makes the gold narrative

trade look even better, even if that narrative is overstated.

Welcome back to the breakdown, an everyday analysis breaking down the most important stories in Bitcoin, crypto, and beyond.

This episode is sponsored by BitStamp and Crypto.com.

The breakdown is produced and distributed by CoinDesk.

And now, here's your host, NLW.

What's going on, guys? It is Tuesday, July 28th, and today, you know we're talking about

Bitcoin's massive rally yesterday. We're going to talk about what happened, why it happened,

and how real it is.

Now, one quick note, I said that yesterday we'd be back to the normal brief schedule, but

there's not a brief on today's episode. And the reason for that, as you'll see, is that the story

of Bitcoin's rally yesterday, I think, is the story of markets much more broadly. So

we're going to actually talk about a lot of the different things that we might have hit on

in the brief in the course of the main show.

But I promise the brief isn't going away.

It just so happens that this episode isn't really well suited for it.

Anyways, let's talk about Bitcoin's rally.

So first of all, what happened?

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