Friday 1 October 2021 11:37 am

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 It is a simply astonishing achievement and exposes just how out of date the traditional finance system is when going head-to-head with a new decentralised world.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

Bitcoin booms but Hong Kong listed crypto stocks slide in wake of China crackdown

Hong Kong's First Bitcoin Counter Opens To The Public
(Getty Images)

Cardano promises ‘industry-defining announcements’ at its biggest ever summit

Cardano says it will make some 'industry defining' announcements at its summit this weekend.
(Getty Images)

Binance probed over suspected insider trading

Changpeng Zhao Binance CEO
(Getty Images)

Cardano Alonzo upgrade sees 100 smart contracts in first 24 hours

Cardano coin
(Getty Images)

Morgan Stanley to launch new research team led by Sheena Shah

morgan stanley
(AFP via Getty Images)

Bitcoin can now be purchased using the Post Office app

Royal Mail Undecided In Further Post Office Closures
(Getty Images)

Simon Nixon tells Seek Ventures to ramp up Bitcoin investment 

Bitcoin breaks $50,000 as magic monday gives cryptocurrencies a green start to the week

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

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

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