Why Bitcoin Rallied 11% on Wednesday

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 17 February 2023

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode of “The Breakdown,” NLW examines the various explanations for Wednesday's 11% increase in BTC’s price, including: Market structure Global liquidity conditions Stablecoin concerns Ordinals Debt ceiling debates The Asian bid 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 and narrated by Nathaniel Whittemore aka NLW, with editing by Michele Musso 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 “Foothill Blvd” by Sam Barsh. Image credit: Prasong Maulae/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8. 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.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.2	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 CoinDes.
0:20.4	What's going on, guys? It is Thursday, February 16th, and today we are talking about
0:25.0	why Bitcoin rallied over 11% yesterday. Before we get into that, however, if you are enjoying
0:31.1	the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to
0:34.7	dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly slash breakdown pod.
0:42.1	All right, guys, well, listen, if you had asked me if we'd see a good old-fashioned face-ripping
0:48.0	rally in this of all weeks, I might have been skeptical. The week opened up with news of major regulatory actions against
0:55.7	Paxos around BUSD, which is of course the third biggest stablecoin, and many are wondering
1:00.9	if the SEC has a broader attack on stablecoins in its sights. Then, of course, there was the
1:06.1	antagonistic hearing in the Senate Banking Committee that showed just how much more rhetorically emboldened
1:11.6	crypto critics have become. And yet, just a day later, Bitcoin ripped up more than 11%
1:17.7	in its biggest one-day rally since last September, reaching over 24,700, its highest price
1:23.6	since a short-lived post-luna recovery in August of last year. One hourly candle in the
1:28.6	afternoon yesterday showed a 3.5% move all on its own, larger than any other entire day so far in
1:34.1	February. Now, usually I wouldn't dedicate an entire show or even most of a single day to price
1:40.6	action, but I think that the various interpretations of why Bitcoin is rallying
1:46.0	actually creates a very interesting lens through which to explore pretty much everything
1:50.0	happening around Bitcoin right now. Yesterday I tweeted, why is Bitcoin going up? Write answers only
1:56.5	and got more than 160 responses. So let's chat about some of the big categories of how this move
2:02.6	is being explained. And we'll start with the most boring and often the most true, which is just
	...

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