Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Wednesday, April 9th, and today we are catching up on everything in crypto that is not about tariffs.

Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord.

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All right, friends. Well, obviously the macro is completely dominant in terms of driving the narrative

and the discussion and markets and everything else right now.

And so we haven't had a chance to catch up on the Bitcoin and Crypto News outside of that.

And that's what we're going to do today.

Although I did lie a little bit because we're going to start with some Bitcoin tariff takes. Inevitably, this is the first big economic or market crisis that has

happened in the period where Bitcoin has been mainstream and connected to Wall Street and

traditional finance. And because of that, it's natural to try to understand how it's performing.

Certainly Bitcoin has taken its fair share of blows.

But while the drawdown might be painful, it certainly doesn't look like any sort of major macro

event where previously it seemed possible that Bitcoin was going much, much lower.

Tuesday saw a 3.6% drop for Bitcoin while the S&P 500 shaved off 1.6%. But neither asset class

revisited the Monday morning lows

with Bitcoin finding support at $75,000. Investment Bank Bernstein wrote that Bitcoin's resilience

has been, quote, nothing but impressive. Their Tuesday research notes stated, the current price action

down 26% suggests demand for Bitcoin from more resilient capital. Now, it is of course unusual

for a 26% drop

to be widely viewed as a buying opportunity rather than a threat, but that's where we find

...