What Drove Bitcoin’s Dip Under $60K

As is so often the case, it was a combination of macro news and market structure.

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Bitcoin has been on a journey over the last 24 hours, from nearly $65,000 all the way down to $58,000 and everywhere in between. On today’s episode, NLW explores what’s driving it, including:

Leveraged traders left over from last week’s all-time high
Twitter CFO saying no investments in crypto
President Biden signing the U.S. infrastructure bill with crypto broker redefinition
Inflation questions
Federal Reserve leadership questions

Finally, he points to Marathon’s offering of a half billion dollars in debt to buy more BTC and rigs as a counter-indicator.

“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. 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 “Dark Crazed Cap” by Isaac Joel. Image credit: Malte Mueller/Getty Images, modified by CoinDesk.

HOSTS

Nathaniel Whittemore

NLW is an independent strategy and communications consultant for leading crypto companies as well as host of The Breakdown – the fastest-growing podcast in crypto. Whittemore has been a VC with Learn Capital, was on the founding team of Change.org, and founded a program design center at his alma mater Northwestern University that helped inspire the largest donation in the school’s history.