A confusing catalogue of crypto curiosities – what a week that was!
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Crypto at a glance
with Jason Deane
Well, I’m not even sure where to start for this Friday’s update – it has indeed been a very strange few days!
Earlier this week Walmart suddenly, and rather randomly, announced that it would be accepting Litecoin – something that was reported by all the ‘big name’ mainstream outlets who, it turns out, never did any fact checking and were caught in a great big hoax.
It’s hardly the first time the media has been fooled by ‘industry insiders’ or carefully orchestrated fake press releases, but on this occasion it really does seem to have been the laziest reporting in recent history. It was, unsurprisingly, members of the crypto community who had to point out that this was not likely to be true and statements were quickly retracted. Litecoin’s subsequent pump and dump was as spectacular as it was short lived.
Globally, there have been other notable money and crypto stories. In the US, Gary Gensler of the SEC announced that he is going after every crypto he thinks is a security which, as it turns out, is pretty much everything he can think of and the UK inflation rate had its biggest increase since the Bank of England received its independence to set rates as it sees fit. More QE anyone?
Meanwhile in El Salvador, there have been demonstrations targeted against President Bukele’s increasingly dictatorial behaviour, but also against the Bitcoin law as part of that, resulting in at least one Chivo ATM machine (which allows for Bitcoin free and instant Bitcoin transfers) being burned to the ground.
At the same time, Laos became the latest country to authorise cryptocurrency transactions and Bitcoin mining using the abundance of hydro-electric power the troubled country is currently over producing and wasting. All this just a month after the country’s central bank warned against their use. Things move fast in the crypto world.
While all this was going on, Hungary unveiled the world’s first physical statue to Satoshi. It’s an expressionless, hooded bust with a reflective face that shows your own when you look at it, thereby reinforcing that, ultimately, “we are all Satoshi”.
Finally, one of the recent darlings of the crypto markets, Solana, went offline for hours while the powers-that-be decided to reboot the system after finding a bug that accelerated the transaction speed without the proper messaging, resulting in a right old log jam. It was cleared, but the issue reignited the centralised/decentralised argument again and likely stopped any further bullish activity for the token for the time being.
Otherwise, everything is fine. However, I think I’ll need the weekend to recover.
Have a good one!
Jason
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Yesterday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/insights/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,172,982,798,930.
What Bitcoin did yesterday
We closed yesterday, September 16 2021, at a price of $47,783.36, down from $48,176.35 the day before. The daily high yesterday was $48,486.83 and the daily low was $47,079.56.
This time last year, the price of Bitcoin closed the day at $10,948.99. In 2019, it closed at $10,241.27.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $903 billion. To put it into context, the market cap of gold is $11.202 trillion and Facebook is $1.051 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $30,753,963,276, down from $31,989,406,886 the day before. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
Volatility
The price volatility of Bitcoin over the last 30 days is 45.96%.
Fear and Greed Index
Market sentiment today is 48.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.43, Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 53.73. Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price – an RSI reading of 30 or below indicates an oversold or undervalued condition.
Convince your Nan: Soundbite of the day
“I have money in Bitcoin.”
Ray Dalio, billionaire investor and co-chief investment officer of the world’s largest hedge fund, Bridgewater Associates, since 1985
What they said yesterday
The future is now…
A new day in history…
Who will be next?
Crypto AM: Editor’s pick
Cardano Alonzo upgrade sees 100 smart contracts in first 24 hours
Morgan Stanley to launch new research team led by Sheena Shah
Bitcoin can now be purchased using the Post Office app
Simon Nixon tells Seek Ventures to ramp up Bitcoin investment
Bitcoin breaks $50,000 as magic monday gives cryptocurrencies a green start to the week
Gibraltar to host first international post pandemic crypto event
CV Labs Partnership launches British crypto firm Evai onto Bittrex global exchange
Crypto AM: Features
Crypto AM: Spotlight
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Contributors
Crypto AM: In Conversation with James Bowater
Crypto AM: Tomorrow’s Money with Gavin S Brown
Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
Crypto AM: Visions of the Future, Past & Present with Alex Lightman
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry
Crypto AM: Parliamentary Special
Part one of two – April 2021
Part two of two – April 2021
Five-part series – March 2021
Day one…
Day two…
Day three…
Day four…
Day five…
Crypto AM: Events
For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit 2021 – you can now watch the event in two parts via YouTube:
Part one…
Part two…
Cautionary Notes
It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. City PM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.
All information is correct as of 08:00 BST