By Darren Parkin
The week in review
with Jason Deane
Greetings from not-so-sunny Edinburgh!
Yes, in true Scottish tradition it’s pouring down and grey, just as it should be. Nevertheless, the city remains as beautiful as I remember it to be and it’s a pleasure to be back here.
I’m here for the UK’s first (and so far, ONLY)Bitcoin conference being held at the rather prestigious Assembly Rooms in the city centre which kicks off this morning. In fact, by the time you read this there’s a good chance that I will have already had my fireside chat with Allen Farrington (of “Bitcoin is Venice” fame) at 11.30am.
He’s not the only major name here with some of the best known faces in the industry attending in person including Peter McCormack, Greg Foss, Jeff Booth, Natalie Brunell, Samson Mow, Adam Back …the list goes on! This promises to be quite the event with all the buzz of Miami and Amsterdam, if minus the weather.
However, when I left on the plane to come here we had a Prime Minister and by the time I landed – a mere 70 minutes later – we didn’t. Liz Truss is gone. In her record breaking 44 days in control she had managed to make one of the biggest economic messes I think it’s possible to make in such a short time and I rather suspect the history books will not be kind to her.
Whether she now looks to take herlifetime stipend afforded to all Prime Ministers since 1991 of £115,000 a year remains unclear, but it’s obvious this will not be well received if she does.
While the UK is now thrown into yet more economic and political uncertainty – something that seemed impossible from where we were just a few weeks ago – we learned this week that inflationhas again risen to 10.1% and is likely to rise further, hammering the working and middle classes relentlessly and slowing growth as a result.
Meanwhile, the Bank of England is eyeing up another interest rate raise on November 3 and some pundits are factoring in a full 1% raise from the current level. This, to steal that famous line delivered by medical professionals everywhere (assuming we have any left that is) is going to hurt.
Last weekend’sBitcoin racing event at Silverstone was an absolute blast with a second-place podium position for Liam Browning in his 4 litre BMW M3 in the 45-minute endurance race at the end of the day AND an announcement that the team will be entering the Mini John Cooper Works Challenge in 2023. Why does this matter? It means the Bitcoin logo will be splashed all over ITV next year in a move that can only help drive awareness and adoption across the board. Congratulations!
This week also saw the publication of the latestBitcoin Mining report by the Bitcoin Mining Council which makes a fabulous read on the state of the industry and we learned via our very own James Bowater that the UK is now the largest crypto economy in Europe. Even in a bear market – and apparently without a Prime Minister – developments continue at breakneck speed.
And finally, in a news story that really brought a smile to my face, the result of the Hodlonaut vs Craig Wright casehas been announced. In a scathing summary by the judge, Craig Wright has unequivocally lost and, yet again, failed in any way to prove he is Satoshi Nakamoto. He has been ordered to pay Hodlonaut’s substantial legal fees, further adding to his financial woes.
Give it up, man. It’s genuinely embarrassing for all of us.
Have a great weekend, and, if you’re at the Bitcoin Conference, don’t forget to come and say hello at theBitcoin pioneers stand in the Ballroom!
Want to learn more about what’s going on in our global financial system and how Bitcoin fits into it? Come to my next free webinar on November 16 at 6pm to find out, ask any questions, and grab some free Bitcoin .* Click here to register.
Have you booked your tickets for the Crypto AM Summit and Awards? Click here… Crypto AM Summit & Awards 2022 – CityAM
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$909.624 billion.
What Bitcoin did yesterday
We closed yesterday, 20 October 2022, at a price of$19,053. The daily high yesterday was $19,315, and the daily low was $18,971.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $365.09 billion. To put it into context, the market cap of gold is $10.73 trillion and Tesla is $644.84 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was$23.960 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 29.I’m 27%.
Fear and Greed Index
Market sentiment today is 23, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.10. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 43.57.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
“Bitcoin is wealth insurance.”
Matt Odell, co-founder andexecutive editor of CoinPrices.io
What they said yesterday
US taking the initiative…
What label will Bitcoin have?
A pattern emerges…
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.
So, if you’re passionate about Bitcoin, why not join today? Click here to find out more!
All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻
Crypto AM: Editor’s picks
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
‘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
The cryptocurrency fundraisers behind Ukraine’s military effort
Crypto crazy couple name baby after favourite digital asset
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
Part Two
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.
All information is correct as of 08:00 BST
The post Trouble ahead from Bank of England, but Bitcoin is laying down sound foundations appeared first on CityAM.
