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In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann sit down with Chris Cecere of crypto investment firm Asymmetric to make sense of the latest market volatility and the factors driving it.\xa0\nFrom the impact of the yen carry trade and the Fed\u2019s controversial decisions on interest rates, to the potential signals coming out of Jackson Hole, the discussion cuts to the heart of what\u2019s moving the markets. The group also dives into the SEC\u2019s crackdown on Ripple, the ongoing drama surrounding wrapped bitcoin (WBTC) custody, and whether the Biden-Harris administration is genuinely considering a \u201ccrypto reset\u201d or if it\u2019s just political posturing.\nShow highlights:\n\n00:00 Intro\n\n02:05 Whether the yen carry trade is to blame for the recent market sell-off and the concept of Value at Risk (VAR)\n\n09:25 How Asymmetric handled the volatility of the sell-off using a strategy called \u201cdelta replacement\u201d\n\n14:17 Why the Volatility Index (VIX) spiked and whether it could do so again\n\n22:21 Why Alex thinks that unemployment numbers started a panic and what the Sahm rule is\n\n27:24 What might have triggered Jump Trading's sudden liquidation during a massive market sell-off, and whether more funds will face similar pressures\n\n31:15 Why the market and major banks like J.P. Morgan agreed that the Fed missed the mark by not cutting rates in July\n\n41:36 What key signals the Fed might send at Jackson Hole about the future of interest rates and the winding down of quantitative easing\n\n45:40 How significant the timing of the first rate cut is in determining whether it will be bullish or bearish for the markets\n\n53:45 What Ripple's lawsuit settlement and the SEC\u2019s subpoenas to VCs mean for the broader crypto industry\n\n58:13 Whether Harris will actually do a \u201ccrypto reset\u201d\n\n1:03:04 The drama surrounding the custody of wrapped bitcoin (WBTC)\n\nHosts:\n\n\nJames Seyffart, Research Analyst at Bloomberg Intelligence\n\n\nAlex Kruger, Founder of Asgard\n\n\nJoe McCann, Founder, CEO, and CIO of Asymmetric\n\nGuest:\nChris Cecere, GP and Head of global macro and trading at Asymmetric\n\nLearn more about your ad choices. Visit megaphone.fm/adchoices