Bitcoin turns bullish as curious crypto market leaders emerge
The week in review
with Jason Deane
After a short hiatus while competing for the Bitcoin Racing team up in Anglesey last week, I’m back in the saddle with the weekly review.
I’d love to report that it all went swimmingly, but after managing an incident-free (albeit slightly terrifying) day of testing on a wet track on the Friday and a 5 place position gain in Race 1, it all went wrong in Race 2 on Saturday. After gaining four places in a single lap, I was confronted by a car sideways on the track after turn one at full speed and, well, collision was inevitable. You can see the carnage here.
Both cars were written off and I’m nursing some lovely yellow harness-shaped bruising on my chest, but the main thing is everyone was okay. You can follow the team’s progress here as we try to secure a new car for the next round.
While I was crashing last week, the markets certainly aren’t today with green across the board, including one or two unexpected surprise moves. Bitcoin Cash (remember those guys?) has seen a 116% rise over the last seven days or so, along with the likes of Compound (85%), eCash (41%) and even the almost universally despised BSV (40%). In fact, many of the top ten movers are smaller, older or dying projects, perhaps raising questions about where this money is coming from.
However, there’s no denying that sentiment – broadly – has been improving recently. In fact, I’d say the last couple of weeks have been some of the most bullish for Bitcoin in recent history. Apart from Mr Saylor consistently hoovering up any Bitcoin he can lay his hands on, multiple spot ETFs have either been filed or are being worked on and more and more surveys are revealing money managers are interested in learning about Bitcoin and how they can allocate a percentage of funds to it.
Rather than link to lots of different articles on each of these points, I was rather happy to find that Bitcoin Culture had conveniently summarised them all – and more – in this tweet. It’s worth checking out.
It’s against that bullish backdrop we saw a surprise fall in Bitcoin Mining difficulty this week of 3.225% which is the largest drop since January this year. With a truly global network you never really know what exactly causes hashrate change, but in my view it’s no more than a blip on an unstoppable trend. Indeed, the next epoch forecast – although early – is already looking like a continuation of the increases previously seen.
Finally, I can’t finish without mentioning the spectacular events of last weekend in Russia, concerning the Wagner group mutiny and march on Moscow. The events are well documented so I won’t repeat them here, but the bottom line is that this is almost certainly the nail in the coffin for Putin’s campaign, if not his entire regime.
However, this process will still take a lot of time to play out and you can bet he’ll fight all the way, so don’t make the mistake of thinking things will get better economically soon.
Even once the war is over there will be long periods of unease, lost supply lines, years of infrastructure rebuilding and the long-term loss of the Russian market at a minimum. Are the economies of the world able to sustain the ongoing impact for that long on a fiat system?
I have my doubts.
Have a great weekend!
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Yesterday’s Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
🌅Total crypto market cap
🔵 $1.19 trillion
What Bitcoin did yesterday
🌄 Closed $30,445
🔺 Daily high $30,796
🔻 Daily low $30,057
Bitcoin market capitalisation
🟠 BTC $596.715 billion
🟡 Gold $12.632 trillion
💳 Visa $490.75 billion
Bitcoin volume
🪣 Total spot trading volume $17.359 billion
SP500
🌅 24hrs +0.45%
Fear and Greed Index
Bitcoin’s market dominance
📊 51.82
Relative Strength Index (RSI)
💪 68
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, while 30 or below indicates an oversold or undervalued condition.
What they said yesterday
So, to sum it up in the last 30 days:
1. The largest bank in Germany will offer crypto services to their clients.
2. The largest fund on the planet (BlackRock) applied for a Bitcoin Spot ETF.
3. The largest banks in the USA joined forces to launch their own crypto exchange: EDX.
Inoke Faletau, Consultant, Creo Legal
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Crypto AM: Editor’s picks
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ChatGPT urges crypto conference panel not to become over-reliant on AI
Mt. Gox customers will have to wait until November to recover lost Bitcoin funds
Sam Bankman-Fried: A tissue of lies soaked with fake tears?
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
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
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.