Fear grips markets while Bitcoin holds at over $43k
Crypto – The Week In Review
With Jason Deane
Even though I am full time in this incredible industry, sometimes I struggle to keep up!
While China filled in all the loopholes that were left over from its previous legislation banning Bitcoin (for reasons I discuss here), El Salvador reported this week that it now had 2.3 million people – that’s 35% of its entire population – using Bitcoin through its Chivo wallet.
This number is important because it now exceeds the number of people in the country who have a bank account (around 1.7 million) according to data provided by the President, Nayib Bukele.
In other words, Bitcoin has banked more people in three weeks than the entire banking system did in several decades. It is a simply astonishing achievement and exposes just how out of date the traditional finance system is when going head-to-head with a new decentralised world.
Almost to add insult to injury, the ‘Jacks’ (that’s Mallers and Dorsey) this week launched an instant payment system using the Bitcoin rails via Twitter creating a seamless layer two payment system that bypasses any third party.
Banks have reason to be concerned.
This is probably why so many have made it so hard to buy cryptocurrency recently by denying transfers to exchanges, a subject, among others, that was raised and discussed several times at this week’s amazing City AM Summit and Awards event, held over Wednesday and Thursday this week in two cracking venues in London.
The TL;DR conclusion is that this is going to be a problem for a while.
I had the pleasure and privilege of delivering a keynote on the second day discussing the Bitcoin Pioneers community and I stayed for the duration of the event. I’d love to give you a summary of the announcements made and projects being worked on but there’s too much to cover in an extended article, let alone a single paragraph.
Let’s just say that this industry is moving incredibly quickly with innovation oozing out of every possible niche and sector.
So when I say it’s getting hard to keep up, I really mean it. Of course, it’s also incredibly exciting.
Have a great weekend all!
JD
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 James.Bowater@cityam.com 🙏🏻
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 $1,935,046,933,803.
What Bitcoin did yesterday
We closed yesterday, September 30 2021, at a price of $43,790.90, up from $41,564.36 the day before. The daily high yesterday was $44,092.60 and the daily low was $40,829.67.
This time last year, the price of Bitcoin closed the day at $10,619.45. In 2019, it closed at $8,343.28.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $828.84 billion. To put it into context, the market cap of gold is $11.151 trillion and Facebook is $956.88 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $28,603,073,946, down from $32,526,059,409 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 56.41%.
Fear and Greed Index
Market sentiment today is 27, still in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.34, up from 42.25 yesterday. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 50.41, up from 44.53 yesterday. 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 is a potential store of value over the long term.”
MassMutual chief investment officer
What they said yesterday
*Clicks fingers*
It checks out…
What’ll it be in another five years?
Crypto AM: Editor’s pick
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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
Cautionary Notes