A daily analysis of macroeconomics, bitcoin, geopolitics and big picture power shifts, hosted by Nathaniel Whittemore @nlw. The Breakdown is produced and distributed by CoinDesk.
This episode is sponsored by Nexo.io, Chainalysis and FTX US. On today’s episode, NLW looks at the crypto industry’s response to news that 29-year-old Alexey Pertsev was arrested for his work on Tornado Cash. He also looks at Coin Center’s new potential court challenge to the Office of Foreign Asset Controls sanctions, which argues that the agency …
This episode is sponsored by Nexo.io, Chainalysis, FTX US and NEAR. On this edition of “Long Reads Sunday,” NLW excerpts Credit Suisse analyst Zoltan Pozsar’s “War and Interest Rates.” - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company safeguards your crypto by relying on five key fundamental…
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Tornado Cash Sanctions: The Most Significant Crypto Overreach by the US Government Yet?
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This episode is sponsored by Nexo.io, Chainalysis, FTX US and NEAR. On this edition of the “Weekly Recap,” NLW reflects on the July inflation data as well as the U.S. Treasury Department’s sanctions on Tornado Cash. - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company safeguards your crypto by …
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A Primer on How Oil Has Reflected Macro and Geopolitics
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This episode is sponsored by Nexo.io, Chainalysis, FTX US and NEAR. On today’s episode, NLW provides a primer on the recent history of oil markets. He looks at how oil went from trading in negative territory in April 2020 to being a massive contributor to 2022’s inflation. Finally, he explores how oil reflects political realignments that will shape…
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How Much Privacy and Decentralization Really Matter, Feat. Jill Gunter
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This episode is sponsored by Nexo.io, Chainalysis, FTX US and NEAR. NLW is joined today by Jill Gunter, the chief strategy officer at Espresso Systems. In this conversation, they discuss why the U.S. Treasury Department might have chosen an action that seemingly leaves them open to much legal recourse, and why part of the answer might be technologi…
This episode is sponsored by Nexo.io, Chainalysis, FTX US and NEAR. The biggest driver of the macroeconomic backdrop is inflation. At the last FOMC meeting, the Federal Reserve made it clear that its fall decisions about interest-rate increases would be driven by data – most notably inflation data. On today’s show, NLW looks at the just-released Ju…
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Is the Jobs Report Hiding Economic Weakness?
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This episode is sponsored by Nexo.io, Chainalysis, FTX US and NEAR. Last week, the Bureau of Labor Statistics reported that 528,000 U.S. jobs were added in July. This was nearly double economists’ estimates. The Biden administration used the report as evidence that there is no recession. On today’s episode, NLW digs into why that headline number ma…
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Are the US Sanctions on Tornado the Beginning of a War on Privacy?
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This episode is sponsored by Nexo.io, Chainalysis, FTX US and NEAR. In breaking news, the U.S. Treasury Department’s Office of Foreign Assets Control announced on Monday that it was adding Tornado Cash and associated addresses to its sanctions list. It is seemingly the first time that an entire technology protocol, rather than just an individual or…
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Complexity Theater: Why Luna Was the First Time DeFi Complexity Risk Was Transferred to Regular Investors
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This episode is sponsored by Nexo.io, Chainalysis and FTX US. On this “Long Reads Sunday,” NLW reads: What Is Crypto’s Downfall? Its Complexity – Jameson Lopp Complexity Theater – NLW - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company safeguards your crypto by relying on five key fundamentals…
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The UK Argues Crypto Is a New Type of Property
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This episode is sponsored by Nexo.io, Chainalysis and FTX US. On this edition of the “Weekly Recap,” NLW homes in on an interesting report out of the U.K. that would define crypto as a fundamentally new type of property – something that some crypto lawyers have been arguing in the U.S. for some time. - Nexo is a security-first platform where you ca…
This episode is sponsored by Nexo.io, Chainalysis and FTX US. One of the biggest challenges to the mainstreaming of crypto is the propensity for novel protocols to be exploited. This week, the Nomad bridge was drained of some $200 million while another vulnerability led to more than 10,000 wallets (largely but not exclusively holding Solana's SOL) …
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Crypto's Institutional Narrative: Less Dead Than It Seems?
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This episode is sponsored by Nexo.io, Chainalysis and FTX US. One would be forgiven for thinking the crypto institutional narrative is dead. Tesla sold bitcoin. Cboe took a huge write-down on the exchange it bought last year. Even Cathie Wood and ARK sold $COIN! But taking a deeper look, NLW argues that institutional adoption of bitcoin and crypto …
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US Senators Say BTC and ETH Are Commodities
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This episode is sponsored by Nexo.io, Chainalysis and FTX US. Another day, another bipartisan crypto bill. On today’s episode, NLW covers the latest in a string of legislation that shows that Congress and the Senate are taking their role in determining how crypto is to be regulated seriously. He also covers the news that Michael Saylor is stepping …
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‘Nancy Pelosi is going to Taiwan so she can buy the dip she's about to create.’
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This episode is sponsored by Nexo.io, Chainalysis and FTX US. After weeks of speculation, debate and increasingly bellicose rhetoric, Speaker of the House of Representatives Nancy Pelosi has decided to go to Taiwan. In today’s episode, NLW explains discussion around the strategy behind the decision, why the timing makes a harsh Chinese response mor…
This episode is sponsored by Nexo.io, Chainalysis and FTX US. In today’s episode, NLW looks at June and July as paired months that remade the market landscape. He looks at market data, key events in crypto and key events in macro to paint a picture of where things stand heading into August. The key question he explores is whether we’re in a “sucker…
This episode is sponsored by Nexo.io, Chainalysis and FTX US. On this week’s “Long Reads Sunday,” NLW reads Nic Carter’s “The Credit Crunch Is Not the End of Crypto Lending.” - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company safeguards your crypto by relying on five key fundamentals includin…
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The Recession Discussion Is Incredibly Dumb
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This episode is sponsored by Nexo.io, Chainalysis and FTX US. “Recession” is the latest word to run afoul of our shifting definitions and political newspeak. This week, numbers from Q2 came out showing that the U.S. had seen a declining GDP for the second quarter in a row – a fairly standard definition of a recession. The political spin was immedia…
This episode is sponsored by Nexo.io, Chainalysis and FTX US. On this edition of the “Weekly Recap,” NLW looks at four reasons markets could see heightened volatility between now and November: Fund managers making YOLO bets to avoid redemptions Inflation surprises shift the Fed back to hawkish Regulatory and media surprises for crypto Politics and …
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Why Markets Viewed the Fed's Latest 75 Basis Point Hike as 'Dovish'
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This episode is sponsored by Nexo.io, Chainalysis and FTX US. Yesterday was “Fed Day” and the U.S. Federal Reserve announced its second 75 basis point interest rate hike in a row. Despite the fastest pace of monetary tightening in a generation, markets rallied after Chair Jerome Powell’s presser. On today’s episode, NLW explains why so many in the …
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What's Behind Growing US-China Tensions?
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This episode is sponsored by Nexo.io, Chainalysis and FTX US. U.S. President Joe Biden is slated to talk with Chinese President Xi Jinping later this week. In the background lurks growing tensions around House Speaker Nancy Pelosi’s potential visit to Taiwan next month. On today’s episode, NLW looks at the big issues behind these headlines that are…
This episode is sponsored by Nexo.io, Chainalysis and FTX US. On today’s episode, NLW looks at a slate of news from the crypto industry, organized around three big-picture themes: Regulatory – including the latest from the SEC, CFTC and Treasury Department Institutional involvement – including a Barclays investment in a crypto custodian Builder act…
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The SEC’s Escalating Battle Against Crypto
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This episode is sponsored by Nexo.io, Chainalysis and FTX US. On today’s episode, NLW catches listeners up on the criminal charges filed against a former Coinbase employee and two of his associates last week around insider trading. The charges come from the Justice Department and the Securities and Exchange Commission, and it is the SEC’s charges t…
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How Bitcoin Can Support the Green Energy Transition
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This episode is sponsored by Nexo.io, Chainalysis and FTX US. On this week’s “Long Reads Sunday,” NLW looks at two discussions of the positive role Bitcoin can play in greening the grid. He reads: “Need a Use Case for Decentralization? Start with Energy” - Michael Casey Thread by Level39 - Nexo is a security-first platform where you can buy, exchan…
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What Crypto Needs to Build Next, Feat. Qiao Wang
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This episode is sponsored by Nexo.io, Chainalysis and FTX US. Qiao Wang is a creator of and core contributor to Alliance DAO, an accelerator for Web3 companies in decentralized finance (DeFi), infrastructure, distributed autonomous organizations (DAO), non-fungible tokens (NFT) and more. In this episode, he and NLW discuss the macro landscape, how …
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Jim Bianco on Inflation, Recession and the Need to Reimagine the Economy for a New Era
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This episode is sponsored by Nexo.io, Chainalysis and FTX US. On today’s episode, NLW is joined by Jim Bianco, the president of Bianco Research. In this wide-ranging discussion, they talk about the bind the Federal Reserve finds itself in, the stickiness of inflation, structural economic changes post-coronavirus, and why crypto matters even when pr…