Bitcoin (and crypto more broadly) has been on a tear the last few days, but the question on everyone’s mind is: why? Is it a real, fundamentals-based movement? Does it reflect a changed macro setup for risk assets or just market structure and a short squeeze? Could it be a U.S. government conspiracy? (Tucker Carlson thinks so.) Is it, as so many fear, just one big bull trap? NLW breaks it down.

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Swoon” by Falls. Image credit: Bet_Noire/Getty Images, modified by CoinDesk. Join the discussion at