This episode is sponsored by, Arculus and FTX US.

Today on “The Breakdown,” NLW looks at the last two days of bullish momentum and sentiment. Is it being driven by geopolitics and a broad recognition around the Russia-Ukraine war of bitcoin’s importance in a volatile world? Is it the market reacting to Do Kwon and Terra’s multibillion-dollar bid to build an asset reserve for the UST stablecoin? Or is it, like always, some combination of narrative and market structure?

“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. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: Malte Mueller/Getty Images, modified by CoinDesk. Join the discussion at