Crypto AM Daily in association with Luno
The week in review
With Jason Deane
I have to admit to being a little emotional writing today’s update as the screens around my desk constantly stream updates from Ukraine, some from mainstream media and some from Twitter. This scene of a father leaving his kids to fight broke me completely. It’s unverified, but that doesn’t actually matter. The emotions are real and we know this is happening.
They are two very different media. The BBC focusses on talking heads, opinion and on the spot reporting with almost zero ground coverage or footage, whereas Twitter carries constant uploads from people in the country providing their own reporting from their homes and streets. True, these are unverified and, as we have seen, some are false.
But that’s how wars are fought now – as much with cyber power and disinformation as much as tanks and bombs.
There are stories of incredible bravery of the soldiers and citizens of Ukraine, but it is also clear that the Russian people do not want this war and have demonstrated their own bravery by standing up in public against Putin. In Russia, where anti-government dissidence is effectively outlawed, that is no small feat.
Putin now faces extreme sanctions and, whatever happens from this point, it’s a certainty that the Russian economy will suffer. The question is, how much damage will also be inflicted on the rest of the world? It’s something I wrote about in detail in this article I published just a few hours after the invasion started.
The markets were predictably in the red as Russia’s bonds were downgraded to zero value by Swiss financiers and, at one point, the MOAX dropped almost 50%, but market makers have incredibly short memories and it wasn’t long before a bounce back occurred. Bitcoin was heavily sold off with all other assets while gold soared, only to have these two trends utterly reversed by the end of the day in a pattern I’d never seen before.
The power of Bitcoin is apparent in these situations and the images of people in Kyiv queuing for hours to get cash from ATMs, already limited by martial law, seem oddly out of step with the increasingly digital world we live in. At the same time, donations for the country poured in via Bitcoin, completely bypassing any possible banking issues as war imposed limits on money movement.
But even as the case for Bitcoin is being bolstered by Putin’s megalomaniac actions, there have been reports recently that the EU is looking to ban all “proof of work” cryptocurrencies, including Bitcoin, from 1st January 2025. This is in complete contrast to Mexico who just added their name to the list of countries looking to legalise it. Make of that what you will.
Have a great weekend, and, whatever you do, remember to give your family an extra big hug.
I know I will.
#istandwithukraine
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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 $1.713 trillion, up from $1.561 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, February 24 2022, at a price of $38,332.61, up from $37,296.57 the day before. The daily high yesterday was $38,968.84 and the daily low was $34,459.22.
This time last year, the price of Bitcoin closed the day at $47,093.85. In 2020, it closed at $9,341.71.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $733.68 billion. To put it into context, the market cap of gold is $12.178 trillion and Tesla is $827.6 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $39.033 billion, up from $32.075 billion 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 55.85%.
Fear and Greed Index
Market sentiment today is 27, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.24. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 45.33. 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
U.S. senator Ted Cruz: I’m so bullish on Bitcoin because it’s decentralised and not controllable.
What they said yesterday
Bitcoin represents sovereignty
A handy little retrospective
Says something, doesn’t it
Crypto AM: Editor’s picks
Walmart confirms it is not partnering with Litecoin
Fake news: Walmart confirms it is not partnering with Litecoin – CityAM : CityAM
Morgan Stanley to launch new research team led by Sheena Shah
Morgan Stanley to launch new crypto research team led by Sheena Shah : CityAM
Michael Saylor buys up another 5,050 Bitcoin for MicroStrategy
Michael Saylor buys up another 5,050 Bitcoin for MicroStrategy – CityAM : CityAM
Bitcoin can now be purchased using the Post Office app
Bitcoin can now be purchased using The Post Office app – CityAM : CityAM
Simon Nixon tells Seek Ventures to ramp up Bitcoin investment
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