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 Friday, March 8th, and today we are talking Jerome Powell comments,

and of course, Bitcoin briefly touching 70K. Before we get into that, however, if you are enjoying

the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive

deeper into the conversation, come join us on the Breakers Discord. You can find a link

at the show notes or go to bit.ly slash breakdown pod. Well, friends, a bit of deja vu earlier today

just before I pressed the record button. Bitcoin once again smashed up above all-time highs for

a moment or two, this time actually getting beyond 70,000 on some venues, but then immediately

came back down. CoinDesk reports that liquidations of leverage derivatives reached 240 million,

which is still a lot lower than Tuesday's $1.2 billion liquidation. This didn't stop Brian Armstrong,

the CEO of Coinbase, from tweeting, happy Bitcoin all-time high, another cycle, and once again

the haters were wrong.

As always, trade responsibly. For me, this reminds me a lot of when we flirted so hard with

20K Bitcoin at the beginning of last cycle. I think emotionally, it won't really be a new all-time

high until we are firmly over that 70K number for at least a minute. However, like I said, this was

just happening right before we recorded the show, so I had to give it mention. Where we go first

in today's planned content is that Fed Chair Jerome Powell has been in Congress this week

for annual oversight hearings. In them, he covered a range of topics including monetary policy,

inflation, and financial stability. The brief overview is that

Powell believes that further progress on the fight against inflation is not assured. He believes that

issues in commercial real estate will likely cause bank failures, but that the situation will be

...