Bitcoin keeping calm and getting on with it while everything else flusters and fails
The week in review
It’s another week where I look back at the notes I made and ask myself “where do I even start?”
Economically speaking, things are happening so quickly it’s become a full-time job on top of my full-time job to try and keep up with the latest developments. We are well and truly in uncharted territory when it comes to global economics and, as far as I can work out, there are no possible outcomes from this point that can be classed as “good”. There are, arguably, one or two that are only “really bad” but it hardly feels like that’s a cause for celebration.
While fiat’s death throes in all its forms – such as “cost of living” payments, runaway inflation, pensions on life support, artificial power caps and so on – drown out almost every other noise, mankind’s best shot at a new financial system continues to quietly go from strength to strength.
This week sees the Amsterdam Bitcoin conference happening, attended by all the names you’d expect to see in the Bitcoin space. I had a ticket (of course!) but at the last minute decided I simply couldn’t go. With El Salvador last week, events the week before, Bitcoin Racing at Silverstone this weekend and the UK Bitcoin conference next week, I realised that this would be the only time I’d actually get any work done.
Inevitably, of course, I have been ravaged by FOMO, envy and regret ever since and, while I have yet to see all the activity on livestream or recordings (that work stuff, remember?) I was struck by Nigel’s Farage’s chat with Peter McCormack where he actually talked a lot of sense. Didn’t expect that.
Meanwhile, Bitcoin’s hash rate continues to rocket as miners continue to deploy capital and hardware in some of the most adverse mining conditions I can remember, further emphasising their confidence in the future. This week’s difficulty adjustment was +13.5% alone, the biggest jump since the hash rate recovery from the China exodus.
Interestingly, a comparison between difficulty adjustment in this bear market compared to the last one (2018) showed a very similar pattern. Perhaps there is something to learn there?
Meanwhile, on the other side of the network, it is becoming easier and easier to live off Bitcoin as companies such as Bridge to Bitcoin and CoinCorner focus on installing POS systems in retail outlets across the UK. This article in Bitcoin Magazine, written by one of the Bitcoin Pioneers known publicly as “Bitcoms”, explains how the Isle of Man is fast becoming a Bitcoin hub. There’s talk of a big Bitcoin meet up next August on the Island as a result. Put it in your diary now.
This weekend is the #turnsilverstoneorange event as hundreds of Bitcoiners, including some big names, descend on the track to watch the final races of the season for the Bitcoin Racing Team, to network, spent time with the team, inspect the cars and listen to the scheduled talks. The event is pretty much fully booked, but it’s worth trying for tickets if you fancy a last-minute trip.
And, of course, last, but definitely not least, is the UK’s very first Bitcoin Conference, being held next week at the Assembly Rooms in Edinburgh city centre. These guys have pulled off an amazing feat by organising the whole thing in just a few months with many of the top speakers seen in Miami and Amsterdam. If you didn’t make it to those events, you’ll not want to miss this one. You can get tickets here, and Crypto AM readers can get 21% off by using the code Bitcoin21 when booking.
Have a great weekend, and if you’re going to Silverstone or the UK Bitcoin Conference, be sure to come and say hello!
Want to learn more about what’s going on in our global financial system and how Bitcoin fits into it? Come to my next free webinar on October 19 at 6pm to find out, ask any questions, and grab some free Bitcoin*. Click here to register.
Have you booked your tickets for the Crypto AM Summit and Awards? Click here… Crypto AM Summit & Awards 2022 – CityAM
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/research
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $940.677 billion.
What Bitcoin did yesterday
We closed yesterday, 13 October 2022, at a price of $19,382.90. The daily high yesterday was $19,453.33 and the daily low was $18,319.82.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $371.731 billion. To put it into context, the market cap of gold is $11.029 trillion and Tesla is $689.77 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $49.632 billion. 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 31.96%.
Fear and Greed Index
Market sentiment today is 24, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.85. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 41.85. 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
“No matter what happens with the 10-year note or the S&P 500, if a billion people are using crypto in 3-4 years it will be a lot higher, and that’s why I’m so bullish on it.”
Dan Morehead, CEO, Pantera Capital
What they said yesterday
Something’s brewing over at Uniswap…
Faster, more secure, cheaper to use…
Take your pick…
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All feedback on Crypto AM Daily in association with Luno is welcome via email to [email protected] 🙏🏻
Crypto AM: Editor’s picks
Three-in-four wealth managers are gearing up for more cryptocurrency exposure
Crypto.com granted FCA licence to operate in UK
Q&A with Duncan Coutts, Principal Technical Architect at IO Global
Jamie Bartlett – on the trail of the missing ‘Cryptoqueen’
MPs are falling silent over potential of cryptocurrency
Erica’s ‘Crypto Wars’ handed honours in Business Book Awards
‘Let people invest’: Matt Hancock makes case for liberal crypto rules
Explained: Why the Treasury is so sold on stablecoins
Fears crypto is used to avoid sanctions ‘misplaced,’ says Matt Hancock
The cryptocurrency fundraisers behind Ukraine’s military effort
Crypto crazy couple name baby after favourite digital asset
Crypto AM: Features
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 on the catwalk
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
https://www.youtube.com/watch?v=dvqNMNZTIDE
Part Two
https://www.youtube.com/watch?v=WXhX_-Tr5j0
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