Powell Says No Crypto Ban as ‘Uptober’ Kicks Off

The Breakdown

Nathaniel Whittemore

Investing, Business

4.8 • 786 Ratings

🗓️ 2 October 2021

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This episode is sponsored by NYDIG. On today’s episode, NLW discusses the market mood shift as September becomes October, and looks at: Jerome Powell’s comments on crypto bans before Congress El Salvador’s volcano bitcoin mining Mayor Suarez’s MiamiCoin A Helium initiative to fix the digital divide - NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW. - Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Alex Wong/Getty Images News, modified by CoinDesk.

Transcript

Click on a timestamp to play from that location

0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.1	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:16.2	The breakdown is sponsored by Nidig and produced and distributed by CoinDes.
0:22.6	What's going on, guys? It is Friday, October 1st, and so welcome, friends, to
0:28.4	October. With this month, we begin the best three-month stretch of the year. No, that is not up
0:34.7	for debate. Yes, it is definitive. Yes, it is scientific. And no, I'm not
0:38.7	talking about Bitcoin, but historically, yes, I'm also talking about Bitcoin. In the past few
0:43.4	weeks, we've talked about why September has historically been a bad month for Bitcoin. And
0:48.5	there's a lot of theories, and it's not just Bitcoin. It's for markets in general. Some people
0:53.1	point to back to school.
0:55.2	Many people point to investors coming off the thin liquidity months of the summer who have
1:00.5	made decisions to close down positions but wanted to wait until the fall to actually do so.
1:05.8	There's also a belief that with more financial institutions such as mutual funds having their
1:10.0	fiscal year close at the end of
1:11.7	September, they're rebalancing, tax loss harvesting, et cetera. And so the point is that there's just
1:16.7	a lot of selling pressure in September, historically speaking. And this plays out in the numbers.
1:21.2	It's in the numbers for both Bitcoin, and in the case of the stock market that goes all the way
1:24.8	back to the 50s. Although it seems arbitrary,
1:28.0	it played out again. Bitcoin was down 12% in the month of September and Ethereum was down
1:32.7	23%. But, lo and behold, get out of the way September. It is now time for mighty, mighty
1:39.7	October. At the time of recording, Bitcoin has jumped a casual $4,000 in the past few hours.
1:46.3	Specifically, Bitcoin rose 9.4% from its value yesterday at 5 p.m. to 47,528.91. This is its highest
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Nathaniel Whittemore, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Nathaniel Whittemore and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.