Meltdown Monday and the Great De-Pegging

This episode is sponsored by Nexo.io, NEAR and FTX US.

Yesterday was one for the history books. NLW discusses the shifting macro setup as markets start to move from concern around inflation to concern around recession. The bulk of the episode is spent on the Luna-UST de-pegging event that has rocked the crypto industry over the last few days and that even made it to a discussion on Capital Hill with Treasury Secretary Janet Yellen.

See also: UST Backer LFG Seeks $1B to Shore Up Stablecoin Peg: Report

“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: Malte Mueller/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.