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A confusing catalogue of crypto curiosities - what a week that was!

City AM logo City AM 17/09/2021 Crypto AM Daily in association with Luno
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ONLY 12 DAYS TO GO…

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Crypto at a glance

with Jason Bourne

Well, I’m not even sure where to start for this Friday’s update – it has indeed been a very strange few days!

Earlier this week Walmart suddenly, and rather randomly, announced that it would be accepting Litecoin – something that was reported by all the ‘big name’ mainstream outlets who, it turns out, never did any fact checking and were caught in a great big hoax. 

It’s hardly the first time the media has been fooled by ‘industry insiders’ or carefully orchestrated fake press releases, but on this occasion it really does seem to have been the laziest reporting in recent history. It was, unsurprisingly, members of the crypto community who had to point out that this was not likely to be true and statements were quickly retracted. Litecoin’s subsequent pump and dump was as spectacular as it was short lived.

Globally, there have been other notable money and crypto stories. In the US, Gary Gensler of the SEC announced that he is going after every crypto he thinks is a security which, as it turns out, is pretty much everything he can think of and the UK inflation rate had its biggest increase since the Bank of England received its independence to set rates as it sees fit. More QE anyone?

Meanwhile in El Salvador, there have been demonstrations targeted against President Bukele’s increasingly dictatorial behaviour, but also against the Bitcoin law as part of that, resulting in at least one Chivo ATM machine (which allows for Bitcoin free and instant Bitcoin transfers) being burned to the ground. 

At the same time, Laos became the latest country to authorise cryptocurrency transactions and Bitcoin mining using the abundance of hydro-electric power the troubled country is currently over producing and wasting. All this just a month after the country’s central bank warned against their use. Things move fast in the crypto world.

While all this was going on, Hungary unveiled the world’s first physical statue to Satoshi. It’s an expressionless, hooded bust with a reflective face that shows your own when you look at it, thereby reinforcing that, ultimately, “we are all Satoshi”.

Finally, one of the recent darlings of the crypto markets, Solana, went offline for hours while the powers-that-be decided to reboot the system after finding a bug that accelerated the transaction speed without the proper messaging, resulting in a right old log jam. It was cleared, but the issue reignited the centralised/decentralised argument again and likely stopped any further bullish activity for the token for the time being.

Otherwise, everything is fine. However, I think I’ll need the weekend to recover.

Have a good one!

Jason

The Crypto AM London Blockchain & DeFi Summit and Crypto AM Awards 2021 graphical user interface, website © Provided by City AM

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: events@cityam.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 

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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

text: price of Bitcoin © Provided by City AM price of Bitcoin

In the markets

table © Provided by City AM

The Bitcoin economy

table © Provided by City AM

*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 $2,172,982,798,930. 

What Bitcoin did yesterday

We closed yesterday, September 16 2021, at a price of $47,783.36, down from $48,176.35 the day before. The daily high yesterday was $48,486.83 and the daily low was $47,079.56. 

This time last year, the price of Bitcoin closed the day at $10,948.99. In 2019, it closed at $10,241.27. 

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $903 billion. To put it into context, the market cap of gold is $11.202 trillion and Facebook is $1.051 trillion. 

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $30,753,963,276, down from $31,989,406,886 the day before. 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 45.96%.

Fear and Greed Index

Market sentiment today is 48.

graphical user interface, application © Provided by City AM

Bitcoin’s market dominance

Bitcoin’s market dominance today is 41.43, Its lowest ever recorded dominance was 37.09 on January 8 2018.

Relative Strength Index (RSI)

The daily RSI is currently 53.73. 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 have money in Bitcoin.”

Ray Dalio, billionaire investor and co-chief investment officer of the world’s largest hedge fund, Bridgewater Associates, since 1985

What they said yesterday

The future is now…

A new day in history…

Who will be next?

logo, company name © Provided by City AM

Crypto AM: Editor’s pick

Cardano Alonzo upgrade sees 100 smart contracts in first 24 hours

Cardano coin © Provided by City AM Cardano coin

Morgan Stanley to launch new research team led by Sheena Shah

a close up of a busy city street: morgan stanley © Provided by City AM morgan stanley

Bitcoin can now be purchased using the Post Office app

a person holding a sign: Royal Mail Undecided In Further Post Office Closures © Provided by City AM Royal Mail Undecided In Further Post Office Closures

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

CV Labs Partnership launches British crypto firm Evai onto Bittrex global exchange 

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

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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…

Part two…

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

The post A confusing catalogue of crypto curiosities - what a week that was! appeared first on CityAM.

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