It’s been a news rollercoaster, yet the crypto tracks have kept a straight course
The week in review
with Jason Deane
So, another week where just trying to prioritise stories is a challenge in itself!
A few days ago Rishi Sunak finally got his wish to be Prime Minister when his only major competitor, the relatively unknown Penny Mordaunt, realised she was not going to get the support of party members, so he awarded the position by default.
Of course, the fact that he himself didn’t have the support of the party the first time round has not gone unnoticed, nor the fact that we have an entirely unelected leader now sitting in the most powerful seat in the country. British politics has become the laughingstock of much of the world – something that was neatly highlighted by my favourite tweet this week: “Can’t believe it’s only 2 more PM’s until Christmas already”
Meanwhile, Elon Musk completed his purchase of Twitter and marked the occasion by walking into the main office with a kitchen sink in his typical off-the-wall style. Personally, I have mixed feelings about this; not so much the sink, but the fact that a free speech platform is effectively an impossible concept to govern, but perhaps that’s Musk’s very point? We’ll see.
One thing is for sure, the existing management team of CEO Parag Agrawal, CFO Ned Segal, and the firm’s top legal and policy executive, Vijaya Gadde, will not be a part of that plan, being unceremoniously escorted from the building shortly after Musk arrived. Of course, we’re all hoping that the incessant bots on Twitter will be given the very same treatment.
“Crypto Twitter” is a key part of the communication channel for Bitcoin and alt coin news and chatter, so will Musk’s acquisition affect this? Will his strange obsession with the joke Dogecoin rear its head? It’s a genuine concern.
In Bitcoin related news, the prolonged effect of low Bitcoin price (in fiat terms) with increased hash rate and difficulty, has started to put even the biggest miners under pressure, with this disturbing report from Core Scientific yesterday which resulted in a 70% share price crash. Miners who over-extended during the bull market now find themselves exposed and there may well be more of a shakeout yet.
Meanwhile, Russia’s war against Ukraine has become an embarrassing, farcical mess that would be utterly hilarious if it wasn’t so inexcusably tragic. The Kremlin has pivoted its message yet again this week, moving from “Denazification” to “De-Satanization” backed by claims of all sorts of anti-religious sects operating in the country, debunked by, well, everybody with a brain cell.
Moscow’s pro-war pundits have started calling it a Holy War in increasingly bizarre rants on state TV, while the Kremlin claims that Ukraine is building a dirty bomb without any evidence. The war, of course, is over. Russia has lost – militarily, politically and economically. The draft has decimated what’s left of the economy better than sanctions ever could, so it’s now a question of how much social and economic damage Putin can inflict before he runs out of meat to put in the grinder.
Closer to home, I couldn’t finish this week’s column without mentioning the outstanding UK Bitcoin Conference held in Edinburgh last week. It was an honour to be part of it, sharing the stage with legends such as Greg Foss, Samson Mow, Natalie Brunell, Peter McCormack, Adam Back, Jeff Booth and so on. Without a doubt one of the best Bitcoin events I have ever been to, and you can see the video from the talks on their YouTube site here. Thank you Jordan and Jim for your incredible work, and I’m looking forward to seeing you in London next year!
Have a great weekend!
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 November 16th 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
*Data can be found at https://terminal.bytetree.com/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $975.882 trillion.
What Bitcoin did yesterday
We closed yesterday, October 27 2022, at a price of $20,285. The daily high yesterday was $20,854, and the daily low was $20,255.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $385.65 billion. To put it into context, the market cap of gold is $10.915 trillion and Tesla is $700.25 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $49.192 billion. 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 30.27%.
Fear and Greed Index
Market sentiment today is 30, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.39. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 52.97. 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’m incredibly bullish on this. I’m buying Bitcoin right now. I’ll bet you my Porsche Bitcoin gets back to $60,000”
President Obama’s deputy Chief of Staff, Jim Messina
What they said yesterday
Another fantastic use case…
Great explanation…
Onboarding the unbanked since 2013…
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All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻
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 AM, 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