How Crypto Markets Are Reacting Post-Selloff, With Election/Fed Uncertainty Ahead - Ep. 685
Episode publishedPodcast: UnchainedUnchained
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Jason: It seems pretty pretty obvious to us that, like, that Solana versus ETH had more narrative shots on goal, and Bitcoin versus ETH, it was just a much more clean investment, you know, thesis. So, like, if I'm looking at it from that perspective, it's like I I go Bitcoin, and then I go further on the risk curve and maybe take salon and then I just kind of forego ETH for the time being.
Laura: Hi, everyone. Welcome to Unchained, You're an Ohio resource 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 media partner to cover cryptocurrency full time. This is the August 9, 2024 episode of Unchained.
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Polkadot is the original and 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. Join the community atpogo.network/ecosystem/community. Today's guest is Jason Pagalotis, head of markets at Delphi Digital. Welcome, Jason.
Jason: Hi. Thanks for having me. Excited to be here.
Laura: This past weekend and on Monday, it looks like Armageddon in the markets set off by a massive sell off in Japan. However, the markets have rebounded pretty quickly, not all the way, but, you know, mostly. Why do you think that is?
Jason: Well, I think I think there's a couple of things. Right? Like, for once, like, this sell off in crypto markets wasn't our fault. Right? Like, like, go back to 2022 or something like that.
We had a a ton of, you know, pretty big liquidation events, pretty big volatility events, and most of them were self inflicted wounds. Right? Like FTX, Genesis, like, all of these things. Right? 3AC.
They were all, like, kinda crypto native events that just kinda decimated our industry in, like, a number of ways. Right? And then when you look at, you know, the most recent sell off in in risk assets, right, it it was, as you pointed out, more so to do with macro factors or or traditional kinda finance factors, most notably the, you know, the carry trade unwind or at least the start of the unwind of the Japanese yen carry trade. So the fact that, like, it wasn't our fault, it wasn't like anything, you know, specific to crypto causing the sell off. It was more of just like a a correlation to
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