Things can only get worse before they get better in this economic climate
The Week in Review
with Jason Deane
Greetings from Zebu, London!
I’m forgoing tonight’s side event (that’s conference speak for “party”) so I can get this weekly update out in a pain free manner. Those with long memories may recall that this time last year my Friday summary had to be written with a hangover – each key stroke feeling like a hammer blow to the head as I did so. I feel simultaneously smug and disappointed with myself at the same time.
Zebu bills itself as “London’s biggest web 3.0 event” and it certainly feels like it. Boasting top notch speakers from the industry, it is entirely sold out and has a considerable waiting list, meaning that there are throngs of very smart people wandering around ready to discuss NFTs, DeFi and Web 3.0 in general at the drop of a hat.
As for me, officially I’m representing the Bitcoin Pioneers with a booth in the exhibition area along with some of my colleagues from around the UK, but I’ll also be MCing the main stage this morning. It’s an honour to do it, but as ever, I’m very nervous about introducing speakers who are clearly far smarter than me to an audience who are often of the same calibre.
However, the fact that this event has been so incredibly popular nicely demonstrates one of the themes I’ve been writing about for some time – bear markets are GREAT for building. The next generation of projects, apps and tokens are being created without the constant distraction of portfolio watching.
These guys simply don’t care what the dollar price is and, frankly, nor should we.
But of course, in reality, a lot of us do. This week the Fed hiked rates by the expected 75 basis points and Bitcoin reacted precisely how you’d expect it to react; that is, selling off quickly before stabilising again, closely followed by other tokens. In fact, in general, the roller coaster ride continues and from a trading perspective the markets look weak in general right now. Further lows for Bitcoin are entirely possible.
In other news, Craig Wright’s ridiculous libel case against Hodlonaught concluded in Norway with the judge saying she will need until around the November 6 to formulate her decision, meaning an anxious wait for both sides.
In Europe, the Ukraine situation goes from bad to worse as Putin continues to lose the war and, apparently, his mind, idly threatening nuclear annihilation to anyone who attempts to retake “his” land – land that was taken forcibly from his neighbour at the cost of countless lives. His words, as well the announcement of a partial mobilisation of 300,000 new soldiers, sparked protests in Moscow where more than 1,300 people were immediately detained for doing so and every single flight leaving the country was instantly booked solid. It also wiped 11% off the MOAX index, taking it down to levels last seen in 2018.
This is indeed a worrying development and from a macro economic point of view it’s now almost certain that things will get far worse from this point before they get better. That means worsening supply lines issues, more losses of businesses, more starvation and an extremely uncertain global outlook. Arguably, investing and forecasting has not been this difficult since the second world war.
So, be careful out there and, whatever Putin does or does not do, it remains more important than ever for all of us to continue to build the future for the generations that will follow.
Want to learn more about what’s going on in our global financial system and how Bitcoin fits in to it? Come to my next free webinar on October 19th 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 $949.030 billion.
What Bitcoin did yesterday
We closed yesterday, September 22 2022, at a price of $19,413.55. The daily high yesterday was $19,456.91 and the daily low was $18,415.59.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $369.75 billion. To put it into context, the market cap of gold is $11.084 trillion and Tesla is $897.8 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was
$39,115,778,742. 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 47.94%.
Fear and Greed Index
Market sentiment today is 20, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 40.55. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 47.39. 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
“Imagine if gold turned to lead when stolen. If the thief gives it back, it turns to gold again.”
Satoshi Nakamoto
What they said yesterday
To the stars…
The beginning of something…
There can only be one…
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] 🙏🏻
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