Bitcoin quietly going about its business as the world returns to normal chaos
The week in Review
With Jason Deane
And we’re off!
It’s clear the holiday period is already a distant memory as events around the world unfold back at their usual pace.
Amid the arguments over tennis players’ Visas, COVID restriction unrest and alleged parties at Downing Street, Bitcoin continues to quietly make headway in adoption around the world.
Tonga’s Lord Fusitu’a confirmed this week that his country will definitely be installing Bitcoin as legal tender by the end of this year using El Salvador’s legal model. Other countries are continuing their explorations into the possibility of doing so.
Well, except Pakistan of course who are still intent on banning it, even as their neighbour, India, is looking to launch a spot based Bitcoin ETF. Over in the US, the SEC is still dragging its feet on approving one of those with Mr Gensler seemingly intent on making sure this never happens.
This is a strange move in my view. The US had the competitive advantage with applications from solid organisations early on but they have gradually given this up by omission of action to allow the rest of the world to take the lead. That said, it’s clear that the noise from institutions, certain senators, and some regulators is growing and, surely, it can only be a matter of time before the SEC’s hand is forced.
Meanwhile Strike launches in Argentina, allowing instant payments over the Bitcoin rails, and Turkey’s cryptocurrency industry continues to boom as the Lira collapses, despite the dubious legal position of using it in the country. But, at the end of the day, if you don’t want your people to use cryptocurrency, you better make sure you have a solid alternative for them not to do so.
Governments, however, aren’t traditionally so good at that.
While we’re on the subject of inflation, back in the US inflation reached a new 40 year high at seven per cent, although we know the underlying rate is almost certainly higher. In a sign of just how bizarre the markets are right now, this was generally seen as positive, apparently based on the point of view that “it wasn’t eight per cent.” Wow.
Finally, if you’re feeling lucky this weekend, why not play the lottery? As not one but TWO Bitcoin miners discovered this week when they mined a block whilst operating on their own, lightning CAN strike. And in case you’re wondering, the odds of doing this are reportedly around 1 in 1.4 million.
Mind you, the odds of winning the National Lottery are 1 in 45,057,474, so, on second thoughts, maybe this isn’t ideal financial advice.
Maybe stack some Sats instead?
Have a great weekend!
Would you like to help spread the adoption and education of Bitcoin in the UK and even stack some Sats while you’re doing it? Well, now you can!
The Bitcoin Pioneers community, backed by Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members right across the UK.
We share tips, stories and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping them get started.
So, if you’re passionate about Bitcoin, why not join today? Click here to find out more!
All feedback on Crypto AM Daily in association with Luno is welcome via email to [email protected] 🙏🏻
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 $2,049,606,853,573 down from $2,073,793,543,128 yesterday.
What Bitcoin did yesterday
We closed yesterday, January 13 2022, at a price of $42,591.57, down from $43,949.10 the day before. The daily high yesterday was $44,278.42 and the daily low was $42,447.04.
This time last year, the price of Bitcoin closed the day at $39,187.33. In 2020, it closed at $8,827.76.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $810.95 billion. To put it into context, the market cap of gold is $11.606 trillion and Tesla is $1.035 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $42,613,734,148 down from $55,599,400,316 yesterday. 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 43.4%.
Fear and Greed Index
Market sentiment today is 21, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 39.67. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 35.69. 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
“While I appreciate people tweeting the price of Bitcoin every 9 seconds, I have decided to hold my BTC for the next 100 years.”
Peter H Diamandis, Greek-American engineer, physician, and entrepreneur best known for being founder and chairman of the X Prize Foundation
What they said yesterday
This is what Jack has been up to…
Traction…
Welcome, India…
Crypto AM: Editor’s picks
Crypto crazy couple name baby after favourite digital asset
Bitcoin hashrate touches new all time high
Peter McCormack: Transforming Bedford FC into a global Bitcoin brand
Exclusive: FTSE plots development of digital asset index in crypto push
Crypto could give London a unique post-Brexit advantage, says Hammond
Diamond claws: Crypto trading hamster dies after standout investing career
New cryptocurrency named ‘JRR Token’ blocked by lawyers for Lord of the Rings creator Tolkien
El Salvador to build Bitcoin city at base of volcano
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