By Darren Parkin
The week in Review
with Jason Deane
Well, it’s been a fabulous few weeks exploring Thailand and Indonesia with my family, but I’m now 48 hours back into the grind and, like always, it feels like I’ve never been away. I’m sure you know what I mean.
Being a Bitcoiner it’s impossible to resist checking out a new place to see what the view on Bitcoin is by asking locals and having a nose around. I have to report that, on the surface, there seems little more than general awareness and the only Bitcoin transaction I actually did was a lightning transaction for a taxi driver I’d managed to orange-pill on a long journey. Even then, he only wanted his tip in Bitcoin, and not the main fare which he still wanted as cash. A rather luke-warm success in my view.
That said, I did pass a Bitcoin shop near Umalas and managed to grab this awkward photo from my hired motorbike (bikes rule the roads in Bali – although it’s not for the faint hearted) as I went past with my daughter hanging on for dear life on the back. I was also made aware of a Bitcoin meetup in Canggu this very Sunday, if you’re lucky enough to be in the area.
However, like everywhere else, there’s more work to do and it serves as a reminder of just how young this amazing movement still is and what challenges lay ahead.
But, even though it feels like the ‘crypto winter’ is never ending and we’re getting nowhere, nothing could actually be further from the truth. Many stories caught my eye this week, some of them directly positive, some of them apparently negative until you take a moment to extrapolate where they may go.
A great example of the latter was this emotion fuelled video that went full-metal-viral over the last few days. There’s no direct mention of Bitcoin, but it’s clear this resonated with so many people who are all asking the right questions about the state our current fiat system and why it’s failing them. We know from our own experience that those who do the research will end up where we are now. If you can, help them. Even better, if they’re in the UK, send them here for easy-start advice, learning materials and a safe place to ask all the questions we all have when we first discover Bitcoin.
At the other end of the scale, while the SEC continues to drag its feet over a spot ETF, another one waslaunched in Europe, this time by Jacobi and listed on Euronext Amsterdam. This is not the first, despite a lot of coverage claiming to be the case, but it adds more and more access to institutions whose interest continues to grow.
At the same time, despite falling Bitcoin prices, miners continue to deploy with extreme prejudice, signalling utter confidence in the future. The next difficulty adjustment is scheduled to be at least another 6% upwards on Tuesday. And Daniel Batten’s continued work on grid balancing by Bitcoin miners continues to dispel the mainstream media narrative.
And yet prices are falling. Why? Well, I think I’ll hand over to Noelle Acheson to take you through her superb analysis rather than explain it here. You’ll need your macroeconomic hat on, mind, but persevere, it’s a fascinating viewpoint. Bottom line: it’s pretty grim out there. You better believe you’ll need your Bitcoin.
Finally, I’m heading off shortly for an afternoon’s testing of my new racing car at Brands Hatch where the Bitcoin Racing team will be out in force, with no less than five fully branded cars in the Nankang CityCar Cup Challenge, including yours truly. Also, our utterly crazy 600 Bhp V8 BMW will be sporting the Bitcoin logo at considerably higher speeds in two races on Sunday. It’s a great line up and if you fancy coming along (shout me if you are!)go here for the details!
Whatever you do though, have a great weekend!
Need a little help with Bitcoin? Got a question you want to ask? Need somewhere to send people who ask YOU? Check out Bitcoin HODLers – a new UK community group designed for Bitcoiners of all levels to share knowledge, have fun, meet up and win fabulous monthly prizes through our partners. All welcome! Click here to check it out or join!
Yesterday’s Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
🌅Total crypto market cap
🔵 $1.06 trillion
🔻6.35%
What Bitcoin did yesterday
🔺 Daily high $28,771
🔻 Daily low $28,338
Bitcoin market capitalisation
🟠 BTC $514.724 billion
🟡 Gold $12.686 trillion
💳 Visa $497.14 billion
Bitcoin volume
🪣 Total spot trading volume $34.21 billion
🔺 108.35%
SP500
🔻 0.7%
Fear and Greed Index
Bitcoin’s market dominance
📊 49.49
Relative Strength Index (RSI)
💪 21.45
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
Whether you’re a Bitcoin expert or a total newbie – or even somewhere in between – you can now join the new HODLers Telegram community to learn more… or share your insights with others!
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So, if you’re a beginner, or know someone who is, take our fun five question multiple choice quiz and join the group today. Of course, if you’re an expert, you’re also welcome to join and help others who are looking to understand Bitcoin as an asset and the industry as a whole.
T’s and C’s: Open to UK residents only. All ages are welcome in the community, but you need to be over 18 to enter competitions. No purchase required.
All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻
Crypto AM: Editor’s picks
FCA’s new crypto advertising rules met with mixed industry response
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. City AM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.
