Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

The breakdown is sponsored by nexo.io, Arculus, and FtX, and produced and distributed by CoinDesk.

What's going on, guys? It is Tuesday, March 29th, and today we are asking that all-important

question. Why is the price of Bitcoin going up? Before that, however, if you are enjoying the

breakdown, please go subscribe, give it a rating, give it a review,

or if you want to get 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.

Also, a disclosure, as always, in addition to them being a sponsor of the show, I also work with FTX. Okay, so I think it's fairly likely

at this point that you've noticed that over the last couple days, Bitcoin has gone up and drag the

rest of the crypto markets up with it. Today we're going to explore some of the reasons why,

and really this is just kind of an excuse to look at recent news and try to understand how all these

pieces come together. It's important to note that crypto markets are always some combination

of narrative plus market structure. And in a lot of ways, that means that any time you try to figure

out what's driving a price, you're really trying not to figure out what's the one thing behind

any movement up or down,

but instead how these different forces are pulling and pushing on the asset

and the asset class as a whole at any given time.

Obviously, we're mostly focused on the last couple of days

where we've seen this big pop across crypto assets, but let's zoom out a bit.

Jason Williams tweeted yesterday,

Bitcoin is up 23.55% over the past 30 days, and a total of 8,906. How is gold doing again?

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