Up 40% YTD, Bitcoin Is 2023’s Best-Performing Asset

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 25 January 2023

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

On today’s episode of “The Breakdown,” NLW looks at bitcoin’s impressive January rally and discusses what’s driving it. Specifically, he explores claims of market manipulation versus simple mean reversion. Finally, he looks at whether it is reflective of a broader macro shift as well. 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 - Join the most important conversation in crypto and Web3 at Consensus 2023, happening April 26–28 in Austin, Texas. Come and immerse yourself in all that Web3, crypto, blockchain and the metaverse have to offer. Use code BREAKDOWN to get 15% off your pass. Visit consensus.coindesk.com. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Swoon” by Falls. Image credit: Craig Hastings/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.3	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.3	The breakdown is produced and distributed by CoinDesk.
0:20.5	What's going on, guys?
0:21.6	It is Tuesday, January 24th.
0:23.6	And today we are talking about why Bitcoin is 2023's best performing asset.
0:29.7	Before we get into that, however, if you are enjoying the breakdown, please go subscribe
0:32.8	to it, give it a rating, give it a review, or if you want to dive deeper into the conversation,
0:37.0	come join us on the Breakers Discord. You can find a link in the show notes or go to bit.
0:40.6	ly slash breakdown pod. All right, friends, today we are talking price action. Bitcoin is up
0:48.0	almost 40% on the year. It is 2023's best performing major asset. And of course, this being the breakdown, we are not going to dig deep into TA or anything
0:57.9	like that.
0:58.8	Instead, what I want to explore are the big questions.
1:02.3	First, what's driving this Bitcoin and Crypto Price action?
1:05.9	Is it a bull trap?
1:07.0	Is it a mean reversion?
1:08.4	Is it the beginning of a new bull run?
1:10.8	And then maybe the biggest
1:11.7	question, how much is it Bitcoin and crypto-specific versus part of a broader shift in market
1:16.5	sentiment? And finally, to the extent that it is part of a broader shift, how real is that shift,
1:21.6	and what might change the tides? In other words, are things really turning around?
1:30.4	All right, so first off, let's talk just a little bit about where things are.
	...

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