4.8 • 786 Ratings
🗓️ 16 October 2020
⏱️ 17 minutes
🔗️ Recording | iTunes | RSS
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0:00.0 | The days of being able to think about crypto as totally separate from public markets feel |
0:04.1 | very, very numbered. In fact, if anything, I think it might be right to view crypto networks |
0:10.0 | as a different alternative type of public market that will interact sometimes uncomfortably |
0:15.8 | with traditional public markets. I don't want to overstate this because obviously there's so much that goes on in |
0:22.3 | crypto that still really is a private market tech startup type of world. But still, it feels like |
0:29.2 | the real huge chasm between public markets and this private space is closing by the day. |
0:36.9 | Welcome back to The Breakdown with me, NLW. |
0:41.1 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
0:47.1 | The breakdown is sponsored by Crypto.com, nexo.io, and elliptic, and produced and distributed by CoinDesk. |
0:55.3 | What's going on, guys? It is Thursday, October 15th, and today we are talking about where |
1:01.5 | Bitcoin and crypto meet the public markets. First, however, let's do the brief. |
1:08.8 | First up on the brief, it is Thursday, which means we have new jobless |
1:12.3 | claims, and they were on the rise this week. They were the highest since August. Initial claims |
1:18.4 | rose to 898,000, which, like I said, was the highest since late August, and this is obviously |
1:24.3 | holding above the pre-pandemic high of 695,000. |
1:29.3 | We had seen a steady decline from the peak of about 7 million claims in March until about |
1:35.7 | a month and a half ago, two months ago, and now it's just been sideways. |
1:40.8 | That said, continuing claims are down from around 11 million to 10 million, and that's good news, right? |
1:48.3 | Well, yes and no. The yes is that it's obviously in the right direction. The no is that some portion of those |
1:54.9 | represent people who have simply exhausted the maximum duration of benefits payments through state |
1:59.7 | programs. Some of those folks are |
2:02.0 | now collecting through a federal program that's providing an extra 13 weeks. The number on that |
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