The Bull Market Is Back on the Menu! (Did It Ever Leave?)

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 12 August 2021

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this episode of “The Breakdown,” NLW covers bull market indicators, including: Investment firms reporting positive market signals Continued NFT boom Markets ignoring outdated FUD Both NYDIG and Arca released reports detailing their perceptions of positive market signals towards a bull run. Signs included Grayscale GBTC unlocks, institutional interest and risk appetite. The NFT bubble has not burst. Capital continues to flow into the space and digital art collections like Crypto Punks have shot up in value, exceeding even the previous March highs. Crypto seems to be rolling over FUD: Tether’s additional backing clarity and BitMEX’s nine-figure settlement helped to ease uncertainties in markets over regulations. China’s crypto crackdown and the subsequent Great Hashrate Migration caused little impact. Even the Poly Network’s $600 million hack this week made no dent to prices. Is Bitcoin’s “defiance rally” part of a bigger bull run? 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= 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: Overearth/iStock/Getty Images Plus, modified by CoinDesk.

Transcript

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0:00.0	Certainly, we've seen some major price corrections over the past months.
0:03.4	50% plus for Bitcoin and ETH, more than that even for Defi.
0:07.1	However, one, those numbers had run up incredibly quickly, and two, we were under a nonstop
0:12.4	barrage of FUD.
0:14.2	Tether and Bitmex as examples of regulatory fud that I just gave you.
0:17.5	Less cause for concern than they were a month ago.
0:19.8	Grayscale GBTZ NavT
0:21.2	NavTrade and unlock FUD, proven to be a fairly nothingy-nothing burger. One by one,
0:26.2	those fud concerns have been, if not addressed, then certainly mitigated. Welcome back to the
0:32.7	breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:42.7	The breakdown is sponsored by Nidig and produced and distributed by CoinDesk.
0:49.1	What's going on, guys? It is Wednesday, August 11th, and for the first time in about a week, we're not going
0:55.3	to discuss big political machinations.
0:58.3	Instead, we're going to discuss the raging return of the bull market, and as we do, I'll
1:03.5	weave some other news from the last week that we haven't had a chance to discuss as much.
1:08.6	I mentioned this briefly a couple of days ago in the show about what I called
1:12.1	Bitcoin's defiance rally, but I didn't get too deeply into how different market actors are
1:17.9	interpreting this return to the Fair Lands of Green. There are, perhaps unsurprisingly, some very
1:24.8	different takes. Nighting, this show's sponsor, pointed to Bitcoin leading the way in one of their weekly
1:30.4	notes to clients.
1:31.6	Quote, Bitcoin dominance, a measure of its share of the total crypto industry market
1:35.8	cap, is back on the rise after hitting a low of 40% ahead of the May price correction.
	...

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