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 Thursday, January 9th, and today we are talking macro and what it means for Bitcoin.

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Well, friends, macro shocks are roiling the Bitcoin market as traders are Discord. You can find a link in the show notes or go to bit.ly slash breakdown pod.

Well, friends, macro shocks are roiling the Bitcoin market as traders fear the cycle could be over.

If you've spent any time on crypto Twitter over this week, you'll have noticed that sentiment fell through the floor recently. Yesterday, Evan SS6 tweeted, would say there's a 20 to 25% chance

the cycle topped.

In response, Ansem chimed in, adding 75%.

Most people are merely responding to price action, which has been dismal this week.

Bitcoin is down 9% from a peak on Monday, trading at 93,000 for the first time since New Year's

Day.

Ethereum was down 8% in the same period, and if you're still holding a

basket of highly speculative meme coins, the pain was even more severe. But the crypto drawdown

seems to be more about macro conditions hitting an inflection point than anything going on in the

sector. So today we're going to sift through those changes and try to figure out if this is a short-term

correction or the beginning of a premature end for the fourth Bitcoin cycle.

The event that set off this macro shift happened on Tuesday, with the release of the job

openings in labor turnover or Joltz report. It showed that job openings had surged in

December to hit a six-month high. This was the first major uptick in almost a three-year

...