Roshun Patel on What Really Happened During the Crypto Market Crash
Odd Lots
Bloomberg
4.5 • 2K Ratings
🗓️ 31 May 2021
⏱️ 72 minutes
🧾️ Download transcript
Summary
The crypto market recently experienced one of its worst crashes ever, with numerous coins cut in half in a manner of days, seemingly without an obvious catalyst. So what really happened during the selloff? Who was behind it? And what role did crypto market structure play in the intensity of the decline? We speak with Roshun Patel, the VP of lending at the crypto prime brokerage Genesis, who explains all of this, plus much more.
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| 0:00.0 | Adlots is brought to you by Apollo. When it comes to building and financing stronger businesses, |
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| 0:30.4 | Hello and welcome to another episode of the Adlots podcast. I'm Joe Weisenthal. |
| 1:00.0 | And I'm Tracy Alloway. Tracy, do you remember the recent episode that we did with Aaron Lammer |
| 1:06.4 | about DeFi trading in the crypto space? How could I forget Joe? We are all DeFi all the time it feels |
| 1:13.8 | like. Well, I made a joke at the beginning of that episode. I was like, oh, by the time we're |
| 1:20.5 | covering something that's probably the top. There's probably going to be a crash right afterwards. |
| 1:26.1 | And then I think literally two days or a day after that episode came out, we actually did get one |
| 1:32.7 | of the biggest true crashes in the crypto space in a long time. I mean, it's that classic |
| 1:39.6 | magazine cover indicator, isn't it? Like, by the time the mainstream media is talking about |
| 1:44.7 | something, it's probably reaching its zenith in terms of popularity. That kind of makes sense. |
| 1:50.7 | I got to say, I was really disappointed. I missed the crypto crash. So I took a few days off |
| 1:57.2 | that week. And I was out in the country and I wasn't really paying attention to either the news |
| 2:02.8 | or social media trying to take a break. And then I started getting all these messages from people |
| 2:07.2 | going, look at crypto, look at Bitcoin, it's at $30,000. So it seems like it was a very dramatic |
| 2:14.7 | week, but I'm still trying to wrap my head around exactly what happened. Yeah, it was it was a really |
| 2:21.6 | dramatic week. It was already like a bunch of like negative stuff. There was the Elon stuff and |
| 2:26.8 | other things going on that we already talked about. And then that Sunday, our episode with Aaron |
| 2:32.8 | Lammer came out on a Thursday, that Sunday, which was just I guess three days ago. So we're recording |
| 2:39.0 | this Wednesday, May 26. So let me I guess that was Sunday, the 23rd. We got this like really intense |
| 2:46.4 | crash. And Bitcoin, touch like 30,000 and ether bill below 1600 and so forth. Really big crash. |
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