Crypto Prices Are Way Down. Is It Time to Buy the Dip? - Ep. 684
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Jeff: If there's more data that comes out that suggests the economy is really slowing, then, yeah, the Fed will have to act quicker and there will be reason to believe that we could be heading towards a recession. But, again, based on what we see right now, I I just don't see any evidence of it. And I think that this is one of the best buying opportunities that you will see all year, as a result.
Laura: Everyone. Welcome to Unchained. You're an OHA freeze horse for all things crypto. I'm your host, Laura Shin, author of the Cryptopians. I started covering crypto 9 years ago, and as a senior editor at Forbes, was the 1st mainstream reader partner to cover cryptocurrency full time.
This is the August 6th, 2024 episode of Unchained. Get ready for the world's largest crypto event, token 2049 Singapore, September 18th to 19th. Balaji Srini Bhasin, Richard Tang, Arthur Hayes, and 300 others will hit the stage joining 20,000 attendees. Visit token 2049.com for 15% off with the code unchained. Link in the description.
Polkadot is the leading layer 0 blockchain with over 2,000 plus developers, and the Polkadot 2 point o upgrade will be a massive accelerator for the ecosystem, making it faster, more secure, and adaptable. Perfect for GameFi and DeFi to build, grow, and scale. Join the community at polka.network /ecosystem/community. Today's topic is the recent crypto market crash and also the broader sell off. Here to discuss is Jeff Dorman, chief investment officer at Arca.
Welcome, Jeff.
Jeff: Hi. Thanks, Laura, for having me.
Laura: We're recording on Monday, August 5th, which has been an absolute bloodbath in the equities markets, and we, saw all 3 major indices, the S and P 500, Nasdaq, Dow Jones Industrial Average, followed by more than 2 a half percent. The sell off started in crypto over the weekend, especially seemingly with junk crypto unwinding some positions. As of the time of recording, shortly after the equity markets closed on Monday, most major crypto assets are down by more than 8 a half percent with ETH, Lido, and TON leading the way at 11% or higher. So, Jeff, given all that's happened, what is your
Jeff: Yeah. It's it's the first thing I do whenever I see big price dislocations. I try to figure out what is new information versus what is, you know, information that was already out there, but is now maybe getting a different response. And it's hard to pinpoint exactly which of these factors is is driving price more than others. But, you know, I I I in my opinion, there's 6 major theories behind the market weakness.
And most of it, in my opinion, seems really short term, in nature. But I'll I'll go through just quickly, and then you can expand on any of the 6 that you want. But, you know, the first one clearly being some of the global macro issues led by the BOJ raising rates, which was
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