The world has suddenly changed, but there is a constant that will outlive us all
Crypto AM's Jason Deane tries to make sense of one of the most eventful and significant weeks in world history. The post The world has suddenly changed, but there is a constant that will outlive us all appeared first on CityAM.
The week in Review…
with Jason Deane
This time last week, when I wrote my last update, England still had a Queen, Boris Johnson was still Prime Minister, and Putin’s forces were still advancing, albeit slowly, in Ukraine.
How quickly the world changes.
The news of the passing of her Majesty affected me more deeply than I expected and, from what I can glean, this has been the case for many. The last time I had felt emotional at the passing of such a regal figure was, of course, Princess Diana, and I can’t help but wonder if Her Majesty would approve of such a thought.
Her last official act was, ironically, to usher in yet another change in the British political and economic landscape, inviting the “pro crypto” Liz Truss to take the reins of power.
However, we can only hope she fundamentally understands the difference between “Bitcoin” and “crypto” since her latest statements seem to imply more of a focus on stable coins and crypto technologies.
In other words, assets that are linked to TradFi or have some form of centralised control system. It’s a step forward, but perhaps not as far as we’d yet like to go.
Meanwhile, in a bold counter attack, Ukraine has decimated Russia’s defences in Kharkiv Oblast and also made gains elsewhere.
The combination of modern weaponry, smart strategies and Ukraine’s steely determination has meant that Russia will find it impossible to come back from this without a general mobilisation, a route that Putin cannot afford to take without serious fallout. Even pro-Russian bloggers have acknowledged that Russia “has already lost”.
When the war began, many considered Russia’s military to be the second best in the world. This disastrous campaign has confirmed that, in fact, the Russian army is the second best in Ukraine and its days as a super power are almost certainly behind it – at least for the current (and next) generation.
This, perhaps, may be one of the reasons that the Russian central bank is currently re-considering its anti-crypto stance as it begins to understand just how much the world is changing and just how far behind the nation will find itself if it’s not careful. We’ll see.
This time next week, Ethereum’s merge may well also be in place. My view on this is well documented and constantly gets me into trouble with Ethereum supporters, but I still find it ironic that this move to proof-of-stake is happening just as the massive benefits of proof-of-work are really being understood. How will the markets be affected? That, frankly, is anyone’s guess.
Meanwhile, honey badger don’t care what we mere humans get up to. Bitcoin remains flat in dollar terms, but my Twitter feed remains full of new developments and, especially, new mining deployments, clearly reflected in the continuously growing hash rate across the globe.
In a world of uncertainty of our own doing, there is, after all, something reassuring about the constant stream of blocks quietly ticking by in the background. It is the new constant that will ultimately outlive us all.
Long live the King!
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 September 14 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 $1.026 trillion.
What Bitcoin did yesterday
We closed yesterday, September 8 2022, at a price of $19,329.83. The daily high yesterday was $19,417.35 and the daily low was $19,076.71.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $396.05 billion. To put it into context, the market cap of gold is $11.47 trillion and Tesla is $899.88 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $40.048 billion. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
The price volatility of Bitcoin over the last 30 days is 38.9%.
Fear and Greed Index
Market sentiment today is 22, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 39.85. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 51.15. 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’s] volatility is declining with increasing adoption and participation.”
Bloomberg Crypto Outlook 2022
What they said yesterday
Stackers gonna stack…
What's Your Reaction?