Sen Richard Shelby, 87, puts screws on US Crypto yet the market is green as he just united the whole industry to fight!
Greetings from Mallorca where I’m trying to holiday whilst I contemplate my advancing years – soon to be scoring my half century. Meanwhile ageism is alive and well in the US as millennials scream at the top of their lungs that the boomers and their parents are screwing Crypto.
Seriously though they might have a point – but age has absolutely nothing to do with it (or at least shouldn’t!). Watching what has been going on globally in the crypto space over the past year from what appears to be the coordinated efforts to tame Binance, the biggest exchange, to now passing a bill that in effect will, if unchallenged and changed, all but kill Crypto in the US.
It seems to me that the special interests of legacy players are being served and that hapless old Shelby might well be the sacrificial pawn as he ends time in office next year. But what Shelby has actually done is galvanise a very powerful – wealthy – industry into action, unify and bring the fight to Washington by all means necessary. He won’t care I’m sure, but his legacy might well be that the Senate he served since 1986 (first as a Democrat, then Republican since 1994) will get thoroughly reformed by a fight it will ultimately lose.
Crypto at a Glance
An amendment in the $1.2 trillion infrastructure bill to limit a proposed increase in the federal regulation of cryptocurrencies was blocked yesterday afternoon. Although there was bipartisan support for the amendment, it failed on the objection of 87-year-old Senator Richard Shelby (R-AL), whose request to include an unrelated $50 billion defense amendment was blocked. Actual implementation of the law, if the infrastructure bill passes, is expected in 2023.
Despite the maelstrom in the Senate, the market continues to look strong. The price of bitcoin yesterday hit a three-month high of more than $46k. It’s now up 60% since its July low of $29,500, which it hit just three weeks ago. The world’s largest cryptocurrency by market cap is currently changing hands for around $46,100.
Ether is also still looking strong, currently trading above $3,000 and up 21% over the past week. Other leading cryptocurrencies have also managed to hold on to their gains, with all major coins by market cap currently up over the last 24 hours. Uniswap (UNI) has seen the biggest daily price increase, rising 10% since yesterday morning. Dogecoin (DOGE), Chainlink (LINK) and Polkadot (DOT) are all up 6%.
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.
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
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,850,092,619,985.
What bitcoin did yesterday
We closed yesterday, 9 August, 2021, at a price of $46,365.40, up from $43,798.12 the day before.
The daily high yesterday was $46,456.83 and the daily low was $42,848.69.
This time last year, the price of bitcoin closed the day at $11,878.11. In 2019, it closed at $11,354.02.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $857.31 billion. To put it into context, the market cap of gold is $11.037 trillion and Facebook is $1.019 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $38,476,321,855, up from the day before $34,960,185,238. 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 56.53%.
Fear and Greed Index
Market sentiment today is 71.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.02, Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 69.66. 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
“Bitcoin and crypto is no longer a niche group. We are a movement of tens of millions and growing. Our industry will be the dominant economic growth engine this century.”
- Cameron Winklevoss, HarvardConnection founders
What they said yesterday…
And the senate?
Lummis in action
Not giving up
Community lets its feelings known
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