By Darren Parkin
Friday roundup, with Jason Deane
Greetings from El Salvador!
Yes, I’m back in Bitcoin country, enjoying the spectacular views of Ilopango Lake which is nestled around a 30-minute drive from the capital – San Salvador – and just down the road from Via Vela. Well, I say 30 minutes but if it’s rush hour it could be three hours – the country is not known for smooth flowing traffic and driving here is quite the skill.
That’s no problem for me or the people I’m with, of course, since I’m here with the Bitcoin Racing Team and the fight for space to get through a junction is highly reminiscent of vying for best position on a tight turn on any racing circuit you care to name.
And it’s not just the traffic. The lake may be beautiful, but access to wifi, or even a steady cell signal, is pretty tricky here. For the first time since I have been writing these Friday morning updates, I don’t feel qualified to round up the week’s events because, well, I don’t actually know most of it.
I can, however, do something better and share an exclusive with Crypto AM readers which has not yet been formally announced in the UK, even if it is currently plastered all over national radio, TV and newspapers here in El Salvador. It was even announced in parliament at the Palacio Legislativo, El Salvador’s Senate, in the very room where the Bitcoin law was voted in two years ago. I know this because I was there, having been invited, with the team, to be a guest of the government for a press conference, lunch with senior Deputados (Congressmen) and to witness the Assembleia Legislativa in action. Quite the honour, I can assure you.
So what’s the big news that’s causing quite the stir here? Well, all can now be revealed.
I’m pleased to formally announce that Bitcoin Racing has signed Sebastian Melrose, rising Netflix star and successful racing driver in his own right, to race for the team in the very highest echelons of British Motorsport, the British Touring Cars (Or BTC – yes, really) which is broadcast to millions of people on ITV1 around the world.
Not only that, but we have secured the official endorsement of the country from Presidential level and we will be working closely with them to deliver a key part of El Salvador’s tourism and PR targets. Even better, Seb’s signing and associated sponsorship allows us to run seven other cars in the Mini Challenge and the Nankang Tyre City Cup Challenge, a tournament that yours truly will actually be racing in over the 2023 season.
So what does all of this mean? Bottom line is that Bitcoin Racing has become a key part of Bitcoin’s marketing department, with direct access to tens of millions of racing fans around the world who will now see the Bitcoin logo plastered all over cars at different levels. Never before has a sporting team had such a wide and consistent reach and the network of associated influencers adds at least another ten million into the mix. And that’s just the start. It will also be a chance for Bitcoin related companies to showcase their products to an enormous audience. Don’t hesitate to get in touch if you think that’s something your company could benefit from.
Make no mistake, this is very, very big. It’s easy to see why senior government – and the entire country – is going so crazy about it.
There will be more on this later, of course, but for now make sure you’re following @bitcoin_racing on Twitter and I’d also recommend following Sebastian Melrose on Instagram.
Despite Wi-Fi and crazy traffic, this country is simply stunning and, thanks to President Bukele, super safe and full of optimism. I simply love it, so if you’ll excuse me I think I might step outside and enjoy the sun and sounds of the lake for a while.
Have a great weekend!
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Yesterday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Data can be found at https://terminal.bytetree.com/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market this morning was$1.020 billion.
What Bitcoin did yesterday
We closed yesterday, February 9, at a price of $21,819. The daily high yesterday was $22,996, and the daily low was $21,773.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was$422.381 billion. To put it into context, the market cap of gold is $12.403 trillion and Tesla is $655.98 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $30,9 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 43%.
Fear and Greed Index
Market sentiment today is 48, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.35. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 49.9.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 fam: Soundbite of the day
“Scaled up ‘convincing’ is not what will cause Bitcoin’s adoption to take off. It will be because Bitcoin observably, self-evidently improves people’s lives and is easy to use.” – Logan Bolinger, lawyer and author of Think Bitcoin.
What they said yesterday
One whole Dollar…
Here to stay…
What’s all this about NFTs on Bitcoin?
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All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻
Crypto AM: Editor’s picks
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
‘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 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.
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