The Second Horseman of the Cryptopocalypse

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 15 June 2022

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, NEAR and FTX US. On today’s episode, NLW looks at the market’s reaction to Celsius’ struggle to remain solvent. He also examines to what extent the recent downturn is being driven by Celsius and other crypto-specific considerations, compared with being a by-product of larger macro trends. - Nexo is an all-in-one platform where you can buy crypto with a bank card and earn up to 16% interest on your assets. On the platform you can also swap 300+ market pairs and borrow against your crypto from 0% APR. Sign up at nexo.io by June 30 and receive up to $150 in BTC. - NEAR is a blockchain for a world reimagined. Through simple, secure, and scalable technology, NEAR empowers millions to invent and explore new experiences. Business, creativity, and community are being reimagined for a more sustainable and inclusive future. Find out more at NEAR.org. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “Catnip” by Famous Cats and “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: Catya_Shok/Getty Images. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	So the issue here, in a nutshell, is the exposure of customer funds on this theoretically
0:05.8	safe platform to these exotic new defy protocols. Again, in times that are good, this can lead
0:12.1	to lots of yield. In times that are bad, it could be catastrophic. Welcome back to the breakdown
0:19.6	with me, NLW.
0:22.1	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:27.9	The breakdown is sponsored by nexo.io, near NFTX, and produced and distributed by CoinDesk.
0:35.6	What's going on, guys? It is Tuesday, June 14th, and today we are talking about the second horseman of the
0:42.6	Cryptopocalypse.
0:44.6	Before we get into that, however, if you are enjoying the breakdown, please go subscribe
0:48.3	to it, give it a rating, give it a review, or if you want to dig deeper into the conversation,
0:53.2	come join us on the Breakers Discord.
0:55.4	You can find a link in the show notes or go to bit.ly slash breakdown pod.
1:00.0	Also a disclosure as always, in addition to them being a sponsor of the show, I also work with
1:04.6	FTX.
1:06.1	So, Sunday night into around now, frankly, has been one of the more brutal periods of this cycle.
1:13.8	Eath was down nearly 15%. Bitcoin fell as low as mid-21K, which is around 30% down from where it had
1:21.6	been at the end of last week. The joke on crypto Twitter was that it wasn't Black Monday,
1:26.6	but McDonald's Monday, as everyone
1:28.4	was going to have to go look for jobs.
1:30.6	Now, there has been a very minor bounce after another cratering last night, but still,
1:35.6	markets are bleak.
1:37.7	So what has been going on?
	...

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