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Crypto at a glance
It was a week in which Bitcoin and other cryptocurrencies once again appeared to be trapped in lockstep with the traditional markets, vulnerable to the same supply chain shocks and economic mismanagement as the S&P and other indices.
But, as the week draws to a close, a timely reminder to zoom out and look at the big picture courtesy of bull of bulls, Twitter CEO Jack Dorsey.
The week began on a sour note, with the Evergrande saga threatening to sink the global economy into chaos–and drag Bitcoin with it. As the property giant’s debt problem spread like squid ink in a bucket of water, it again raised the spectre of the market crash last year as Covid-19 lockdowns swept the world, and Bitcoin plunged from $8,000 to $5,000 in a matter of hours.
The cryptocurrency appeared for months afterward to be bound inexorably to the fate of the wider markets, seemingly ending the ‘store of value’ narrative until, finally, it broke free and began its steady rise to the levels we see today. Levels that saw this Monday’s crash from $47,000 to $42,000 seem like such a big deal, despite it still being a 300+ per cent increase on the price this time last year.
But, this Thursday, we got an excellent reminder that, while it might be easy to fixate on short term price movements, this is a long-term investment and people with real vision around the world are building a financial future with Bitcoin at the heart.
After months of hints from Jack Dorsey, Twitter announced yesterday that it is adding, with immediate effect, the ability to pay other users with Bitcoin through its tipping feature. Users around the globe will also be able to post their Bitcoin wallet directly into their profile.
Dorsey has long been one of Bitcoin’s biggest advocates, with his payment giants Square and CashApp having last year integrated the cryptocurrency into their offering.
In the past, Dorsey has said that the cryptocurrency has the power to “unite the world” and bring about world peace.
‘Remember to zoom out’ has become so overused as to be cliche, the desperate clarion cry of the Bitcoin bull when the markets plunge. But if world peace isn’t the kind of big picture vision you want to zoom out and see, with people like Jack Dorsey building it, it’s hard to know what is.
The Crypto AM London Blockchain & DeFi Summit and Crypto AM Awards 2021
Day One will be held at ETC Fenchurch Street hosting the four Crypto AM City of London 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: email@example.com using the subject line ‘CRYPTOAM SUMMIT’.
Summit & Awards Announcements
Crypto AM Awards 2021 Judges Announced
Crypto AM is delighted to announce Luno as Gold Partner
Crypto AM is delighted to announce Cudos as Gold Partner
Crypto AM is delighted to announce MELD as Gold Partner
Crypto AM is delighted to announce Umbria Network as Silver Partner
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 🙏🏻
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/insights/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,971,544,991,943.
What Bitcoin did yesterday
We closed yesterday, September 23 2021, at a price of $44,895.10, up from $43,574.51 the day before. The daily high yesterday was $44,942.17 and the daily low was $43,109.34.
This time last year, the price of Bitcoin closed the day at $10,760.07. In 2019, it closed at $8,620.57.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $832.73 billion. To put it into context, the market cap of gold is $11.144 trillion and Facebook is $975.41 trillion.
The total spot trading volume reported by all exchanges over the last 24 hours was $33,141,297,653, down from $37,199,291,459 yesterday. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
The price volatility of Bitcoin over the last 30 days is 53.89%.
Fear and Greed Index
Market sentiment today is 33, still in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.62, up from 41.43 yesterday, Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 46.71, up from 46.34. 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 changes absolutely everything. I don’t think there is anything more important in my lifetime to work on.”
Jack Dorsey, Bitcoin supremo
What they said yesterday
Future of payments?
Build it and they will come…
Crypto AM: Editor’s pick
Cardano promises ‘industry-defining announcements’ at its biggest ever summit
Binance probed over suspected insider trading
Cardano Alonzo upgrade sees 100 smart contracts in first 24 hours
Morgan Stanley to launch new research team led by Sheena Shah
Bitcoin can now be purchased using the Post Office app
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
Gibraltar to host first international post pandemic crypto event
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
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:
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