Crypto AM Friday with Jason Deane
Crypto at a Glance with Jason Deane
While lawmakers in the US continue to wrangle over details of the Infrastructure Bill containing the crypto legislation, China kicks out the last of the Bitcoin miners and almost all nations continue to print money at an unprecedented rate, Bitcoin just keeps quietly building and expanding in the background, one block at a time.
We’re now less than four weeks away from Bitcoin becoming legal tender in El Salvador. On September 7th, six million people will have the option to accept or use Bitcoin on any transaction within the borders of the nation. At the same time, Paraguay, Uruguay and Tonga are already in the process of legalizing payments through Bitcoin in some form or another through their respective governing bodies. And they’re not the only ones. Just yesterday, Argentina’s president, Alberto Fernandez, made it clear that he is open to his country making crypto a larger part of the economy.
Even in non-democratic countries where government rule is absolute, more and more citizens are using Bitcoin to protect their wealth against collapsing fiat currencies. Nowhere was this explained better than in this excellent essay on the recent developments in Cuba, written and published this week by Alex Gladstein. Times, as Bob Dylan croaked, are a-changin’
This is probably why Bitcoin’s adoption rate has continued to increase over the last few months. A few weeks ago I mentioned some top level adoption figures in my Crypto AM Friday summary based on a report that had just come out at the time, but a few days ago I was able to complete a more extensive analysis. The results, covered in this article, are genuinely astonishing but the TL;DR version is that not only has Bitcoin adoption increased, but the rate of adoption has increased. And significantly so.
Put it this way, by the time you have finished reading this short 2 minute summary, somewhere around 330 more people will have joined the Bitcoin population globally, a rate that is 587% faster than it was just 2 years ago.
Where will we be in another two years?
Have a great weekend!
Jason
The Crypto AM London Blockchain & DeFi Summit will be held on the 29 & 30 September…
Day One will be held in two Pavilions hosting the Crypto AM Canada Roundtables so that delegates can meet and network with each other and learn from great discussions and talks.
Day Two will be Summit day (Streamed and live audience) at the Leonardo Royal Hotel, St Paul’s, finishing with the black tie gala dinner in the same venue where the winners of the Crypto AM Awards 2021 will be revealed.
For speaking opportunities, partnership packages or attendance (tickets will be strictly limited and by application) please email:
using the subject line CRYPTOAM SUMMIT
Would you like to help spread the adoption and education of Bitcoin in the UK and even stack some stats 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.
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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
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,899,162,240,695.
What bitcoin did yesterday
We closed yesterday, 12 August, 2021, at a price of $44,428.29, down from $45,593.64 the day before.
The daily high yesterday was $46,228.91 and the daily low was $43,861.45.
This time last year, the price of bitcoin closed the day at $11,784.14. In 2019, it closed at $10,051.70.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $861.37 billion. To put it into context, the market cap of gold is $11.18 trillion and Facebook is $1.022 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $30,461,638,769, down from the day before $35,563,826,905. 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 55.2%.
Fear and Greed Index
Market sentiment today is 70.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 45.32, Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 69.09. 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 don’t want to go too far out on a limb […] but there is no reason to say ‘no. Perhaps that is a good path to take.”
- President of Argentina, Alberto Fernandez, on whether the country will make bitcoin legal tender
What they said yesterday…
Crypto AM Editor Picks
OccamFi receives strategic investment from Cardano early stage VC Fund
Proof of Stake gives us a real opportunity for change
Fabric Ventures announces $130m fund to invest in digital assets and decentralisation
US steps closer to cryptocurrency tax after last minute bill addition
What needs to happen with Cryptocurrencies for regulators to more readily accept this industry
London Crypto leaders book is flying off the shelves
Crypto AM: Longer Reads
City PM Markets: What is Decentralised Finance (DeFi) by Aave
Crypto AM: Conversation with James Bowater
Crypto AM: Market View in association with Ziglu
Crypto AM: Technically Speaking in association with Zumo
Crypto AM: A Trader’s View with TMG
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 Contributor: Jilian Godsil
Crypto AM: Talking Legal
Crypto AM: Spotlight
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Definitively DeFi
Crypto AM Parliamentary Special
Part One of Two 21-22 April 2021
Part Two of Two 21-22 April 2021
Five Part Series 8-12 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 – 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