The sideways movement of Bitcoin may feel ‘boring’, but stick with it
The week in review
with Jason Deane
Like many of my fellow Brits, I spent much of last week waving little union flags, wearing red, white and blue plastic bowler hats and sitting at very long tables in closed off streets in celebration of Her Majesty’s 70 years on the throne.
Whilst this was a very enjoyable experience, it did mean it’s been two weeks since my last update. You’d expect, therefore, a double length update, but the truth is that it’s been relatively quiet for Bitcoin et al recently. Even “Crypto Twitter” has been uncharacteristically subdued. I’ve even seen some pundits using the word “boring”.
Of course, the lack of noise on the surface belies the development and adoption that continues, without fanfare, behind the scenes.
Keeping up with the latest across this fascinating industry, as is my constant duty, I was reminded this week just how young this whole thing is and how easy it is to forget that very fact. Sometimes you just need to zoom out and add perspective.
Bitcoin remains in its current favourite range of $29,000 to $31,000 and looks set to stay there, for now at least. This time, volatility is coming from other financial markets, especially equities, and this is perfectly understandable given the unprecedented level of global uncertainty that currently exists.
Bitcoin’s dominance has also increased further since the last update, now sitting at 46.4%, underlining its relative stability against both those equities and other crypto assets.
But most of the development headlines are currently coming from regulatory corners, rather than technical ones. A global open source monetary system such as Bitcoin does not fit neatly into any existing economic or regulatory framework, so there are likely to be decades of figuring it out ahead. We know this because it’s been well over 30 years since the last open source global network was deployed – the internet – and we’re still figuring parts of THAT out.
Senator Lummis (who I had the pleasure of chatting to in Miami a couple of months ago) and her Democratic co-author Senator Gillibrand, dropped their 69 page “Crypto Bill” this week where it was immediately scrutinised. It contained some surprises and technical concerns and was criticised as much as it was praised, but the reality is that this is no more than a valiant first and proper attempt to create some sort of clear framework going forward in the US. Like I said, it’s early days.
Meanwhile at Consensus, which is going on right now in Texas, both Bitwise and Grayscale have stated they are confident a spot Bitcoin ETF will now be approved by regulators. Both of their decisions are due in the next few weeks via the SEC, but even if they are not successful this time, the view has changed to “when” not “if” this will happen.
And let’s not forget the myriad other bills at various stages of development, discussion and presentation within many sovereign states in the world.
We’re collectively finding our feet and we will probably stumble many times in the process over long periods to come, but this process is as essential as the technical development itself to make Bitcoin a truly global, fully inclusive asset for everyone.
And while it feels like a grind sometimes, it’s no less than is required to make it happen.
Have a great 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 Tuesday June 21 at 6pm to find out, ask any questions, and grab some free Bitcoin*. Click here to register.
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.
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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 $1.233 trillion.
What Bitcoin did yesterday
We closed yesterday, June 9 2022, at a price of $30,112.00. The daily high yesterday was $30,609.31 and the daily low was $30,020.26.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $572 billion. To put it into context, the market cap of gold is $11.734 trillion and Tesla is $745.01 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $24,816 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 51.02%.
Fear and Greed Index
Market sentiment today is 13, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.16. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 45.84. 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 twin pillars of Bitcoin’s value proposition: (1) It’s possible to secure and transport your wealth without anyone’s permission (2) Your wealth cannot be debased. Everything else is noise.”
Vijay Boyapati, Author of the Bullish Case for Bitcoin
What they said yesterday
Bringing Bitcoin to communities…
Is there anything Bitcoin can’t do?
Interesting perspective…
Crypto AM: Editor’s picks
MPs are falling silent over potential of cryptocurrency
Erica’s ‘Crypto Wars’ handed honours in Business Book Awards
‘Let people invest’: Matt Hancock makes case for liberal crypto rules
Explained: Why the Treasury is so sold on stablecoins
Fears crypto is used to avoid sanctions ‘misplaced,’ says Matt Hancock
Meet the hackers helping people recover lost crypto assets
The cryptocurrency fundraisers behind Ukraine’s military effort
Crypto crazy couple name baby after favourite digital asset
Peter McCormack: Transforming Bedford FC into a global Bitcoin brand
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
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