Hello and welcome back to CoinDesk Live from the Avalanche Summit in Buenos Aires, the premier

avalanche community event of 2024. I'm Jen Sanasi here with my co-host, Zach Seward, and we are

bringing you a very special episode of Markets Daily today. On this show, we navigate the currents

shaping the crypto markets. So whether you're actively trading or just curious about the volatility that is the crypto markets,

this show is your compass to navigating the space and understanding what's going on.

Joining the show today is Agora co-founder and CEO Nick Venek.

Hey, thanks for having me.

Thanks for being here.

Now, this is a little bit different.

This show is all about the crypto markets, right? So far, we've been talking about Latim and the event and cool things that people are building.

You're building a very cool thing. We're going to get through it in a second.

But I got to ask you, Bitcoin was up over $67,000 this morning.

It's on a little bit of a rally after just kind of doing nothing for a while.

What do you make of this price action?

What's driving it? I think it's fairly straightforward as interest rates come down and people expect

liquidity in the markets to go up, risk assets go up. And so that's why you saw I think Bitcoin take a jump

over the last few days. And people are expecting that interest rates are going to continue to come down

over the next 12 to 18 months.

I don't think the exact amount matters so much as what the trajectory of rates are.

And as people continue to expect rates to go down, you'll see risk assets go up.

I'm pretty sure that you've told me before you don't do predictions, but I always have to ask, so I'm sorry for this.

But some guests who have come on the show in the last, let's say,

...