Cryptocurrency continues to knock on the door of fiat, but those in power still refuse to open it
The week in review
With Jason Deane
It’s been another week of red for Bitcoin and, well, pretty much all of the other cryptos, with the orange coin dipping to a mere $47,780 at time of writing.
There’s been a complete lack of direction in the market for a while now, and another big liquidation event recently pushed the needle even further into the ‘Extreme Fear’ section of the aptly-named Fear and Greed Index, spooking some investors.
Policy makers in powerful positions have also been shouting about Bitcoin again but, as Congressman Brad Sherman’s laughably ill-informed comments in this week’s US House Financial Services Committee’s hearing showed, some of them really have absolutely no idea what they’re dealing with.
And somehow that’s even more dangerous than those in powerful positions elsewhere who do and are clearly afraid of it.
Their faith in the dollar fiat system continues unabated, despite the fact that, for example, the US is expected to announce the worst inflation figures for forty years later on today – just as many in the crypto space (including myself) have been predicting for the last year or so.
Not that we’re rocket scientists, you understand, it’s just that you simply can’t print that much money and think it won’t have an effect. It’s the economy!
And yet, despite the increasingly depressing global financial landscape and concerns over new Covid variants about to unleash a whole new set of problems on an already strained human mentality, Bitcoin’s adoption and importance continues to grow unabated.
So, while it’s tempting to think of Bitcoin as being ‘down’ for the last few weeks, this very fact serves to remind us that Bitcoin itself is a far reaching, long term macroeconomic event and should only be viewed that way. It is, after all, up 162% over the last year (at time of writing), whereas, for context, the S&P managed 14% and gold underperformed for the tenth year in a row at a paltry 0.95% – not even enough to cover a fraction of inflation almost anywhere on the planet, let alone the USA.
The traditional safe haven is having problems living up to its title. Perhaps something else would be more deserving?
I’m open to suggestions, but I can tell you now I won’t be considering Congressman Sherman’s “MongooseCoin” as one of them.
Or CobraCoin for that matter.
Have a great weekend!
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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/insights/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,262,325,830,175 down from $2,362,064,067,091 yesterday.
What Bitcoin did yesterday
We closed yesterday, December 9 2021, at a price of $47,672.12, down from $50,504.80 the day before. The daily high yesterday was $50,797.17 and the daily low was $47,358.35.
This time last year, the price of Bitcoin closed the day at $18,264.99. In 2019, it closed at $7,278.12.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $911.61 trillion. To put it into context, the market cap of gold is $7,278.12 trillion and Tesla is $1.008 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $29,680,056,615, down from $28,570,931,630 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 58.02%.
Fear and Greed Index
Market sentiment today is 24, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 40.93. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 32.28. 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
“The best thing you can do is sell all $10 trillion worth of gold and buy Bitcoin. Gold is a dead rock.”
MicroStrategy CEO
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HODL 4 lyf…
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Bitcoin is inevitable…
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New cryptocurrency named ‘JRR Token’ blocked by lawyers for Lord of the Rings creator Tolkien
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Bitcoin’s long-awaited Taproot upgrade has arrived
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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
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Day two…
Day three…
Day four…
Day five…
Crypto AM: Events
Cautionary Notes