This episode is sponsored by Nexo.ioNEAR and FTX US.

On today’s show, NLW explores the discussion around the bitcoin relief rally of the last two days, following the crash last Friday and Saturday. Some think that there are a plethora of bottom signals that suggest we may have a mean reversion and return to being correlated with equities, after falling much faster than Nasdaq thanks to the Luna/Terra implosion. Others think that we won’t find a bottom until equities find a bottom, and that doesn’t seem to have happened yet.

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “Catnip” by Famous Cats and “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: Rudzhan Nagiev/Getty Images, modified by CoinDesk. Join the discussion at