Bitcoin price is up, but don’t expect an end to ‘crypto winter’ any time soon
The week in review
with Jason Deane
Bitcoin made a sudden move upwards yesterday, increasing roughly 10 per cent over 24 hours and trading at $21,500 this morning. Other coins also posted gains.
Does this mean “crypto winter” is over and the heady days of Lambos and “moon” comments are back?
Sorry, but no.
The mood on crypto-Twitter is still as negative as ever with popular targets being exchanges, influencers and the assets themselves. Bankruptcies are still being announced, loyalties are still being questioned and stubborn calls for sub $12,000 Bitcoin remain.
In other words, everything you’d expect from a mid-winter meltdown. To quote one of our most famous prime ministers “Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.”
Of course, the UK is effectively “between” prime ministers at the moment, in the same way an unemployed person might describe themselves as “between” jobs. It’s unlikely to have a material impact on the crypto market, but it adds to the general malaise and uncertainty that is prevalent across all sectors as we continue our march into unknown economic territory.
One of the stories that really caught my eye this week was Peter Schiff’s constant moaning about his bank in Puerto Rico being closed down by regulators for capital compliance issues. This, incidentally, was the man who talked me out of buying Bitcoin in 2013 when I was a crypto greenhorn, and while I’m not built in such a way as to hold an actual grudge, it’s something I’ve not forgotten.
Peter must have known that a public announcement of this nature would expose him to serious ribbing and the Bitcoin community have not disappointed, although they would argue that they are simply pointing out that “Bitcoin fixes this”. Over and over and over and over again. Even so, I still think this message will fall on deaf ears.
But even while the world remains at war, politicians argue about what exactly a lie is and Twitter implodes under the weight of barbed comments, there is always something positive to report.
Last week I attended the Bitcoin Adventure in Avon with my family, primarily in my Bitcoin Pioneer capacity, although my talk was on Bitcoin Mining and the Environment. It was a fabulous event with a real sense of community – in stark contrast to the virtual mire of Twitter.
Those who attended – some of the UK’s best “on the ground” influencers – are actually out there in the trenches, signing up retail businesses to the lightning network, building awareness of Bitcoin and teaching at a grassroots level. This great article by Cointelegraph covers the event. These guys are as positive as it is possible to be and, frankly, it was both refreshing and a privilege to be among them.
Finally, if a day at the racetrack is your thing, I’d strongly recommend Silverstone on October 15 and 16 (yes that’s immediately before the UK Bitcoin conference in Edinburgh!) when the Bitcoin Racing Team will be completing their inaugural season. They plan to #turnsilverstoneorange with Bitcoin attendees, so grab your tickets here for what looks like a cracking day out.
In the meantime, have a fabulous 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 Wednesday 20th July at 6pm to find out, ask any questions, and grab some free Bitcoin*. Click here to register.
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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/research
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $944 billion.
What Bitcoin did yesterday
We closed yesterday, July 7 2022, at a price of $21,637.59. The daily high yesterday was $21,771.82 and the daily low was $20,296.10.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $408 billion. To put it into context, the market cap of gold is $11.442 trillion and Tesla is $760.32 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $30,351 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 74.85%.
Fear and Greed Index
Market sentiment today is 20, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.26. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 49.78. 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
“Everyone has got to believe in something. Why not believe in something verifiable and unforgeable.”
Hass McCook, Civil engineer
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The power of the individual…
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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. Morning Wire, 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