Bitcoin Reclaims $30K as the Macro Discussion Shifts From Inflation to COVID-19 to Growth

Bitcoin is up just over 7% in the last 24 hours, following its first close below $30,000 since New Year’s Day. On this episode of “The Breakdown,” NLW proposes possible explanations for this reversal, including:

Competing concerns of Inflation and slow post-COVID recovery

Institutional interest in crypto

A few weeks ago, headlines were centered around markets being nervous about inflation. Emergence of the Delta variant and its induced lockdowns, coupled with reports of unexpectedly slow growth in Q2 in China, casts doubt on the inflation concerns. Which concern will prevail and drive the next macro narrative?

Many speculated non-fungible tokens would be a fleeting phenomenon, in fashion for a short period of time and then fading away. However, an investment round for NFT platform OpenSea raised $100 million. Is OpenSea’s success an indicator of renewed long-term investor confidence in crypto?

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