Friday, December 17, 2021, 11:21 a.m.
Tthe week in review
With Jason Deane
It seems like once again that I am writing about crypto markets using terms like “lack of direction” and “poor” – especially when it comes to Bitcoin. We’re still stubbornly in the same range, even a little lower than recently, which completely belies some of the incredible activity that goes on behind the scenes.
Since I’ve already written about it, I don’t need to talk about it again, but what is perhaps more surprising is that, despite all this positive development, the macroeconomic situation is deteriorating much faster than perhaps even most passionate Bitcoiners might have expected.
In the past few weeks alone, we’ve seen real evidence of just how much pressure our global fiat currency system is now under.
First there is the constant devaluation. The US has now reached an inflation rate of 6.2 percent, the UK at 5.1 percent. The eurozone as a whole performs somewhat better with “only” 4.9 percent, but there are also some noteworthy outliers within this group – Germany with six percent, Belgium with 7.1 percent and Lithuania with nine percent. Turkey is currently of course at over 20 percent and normal life has long since disappeared for the people living there.
How quickly have we got used to normalizing these enormous numbers and how little most of us really understand what that means. The bottom line is that if you don’t get a 5.1 percent raise this year, you are scaling back on your spending and saving ability.
Meanwhile, in a weird and utterly meaningless process, the US approved an increase in the debt ceiling by an additional $ 2.5 trillion to $ 31.4 trillion, which cannot be repaid to avoid default. In other words, paying a Visa bill with a Mastercard – something that most of us would consider an unlikely problem.
Here in the UK, the Bank of England has hiked rates to 0.25 percent for the first time in 20 months in a rather unsuccessful attempt to stem the ongoing devaluation from rising inflation, which it expects to “over six per cent”, by the way “Will reach cents” next year.
What a mess. We are very much in uncharted territory and the risks of holding Fiat are growing every day. Whatever happens from here, the financial landscape will change dramatically over the next few years.
But my point is this: next time you’re a little frustrated that Bitcoin is staying in the same range for a couple of weeks, just keep in mind that it could be worse … you could lose your money in fiat by the minute
And that’s guaranteed.
Have a nice weekend!
JD
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Yesterday Crypto AM Daily in collaboration with Luno
In the markets
The bitcoin economy
* Definitions and findings can be found at https://bytetree.com/insights/
Total crypto market capitalization
The total capitalization of the entire cryptocurrency market at the time of writing is currently $ 2,184,245,402,905, down from $ 2,254,364,650,064 yesterday.
What Bitcoin did yesterday
We got yesterday, December 16, 2021, at the price of. closed $ 47,665.43, down from $ 48,896.72 the previous day. The daily high was $ 49,425.57 yesterday and the daily low was $ 47,529.88.
Around this time last year, Bitcoin price closed the day at $ 22,805.16. In 2019, it closed at $ 6,640.52.
Bitcoin market capitalization
Bitcoin’s market capitalization at the time of writing is $ 887.68 billion. To put it in context, the market cap of gold is $ 11.49 trillion and Tesla is $ 930.86 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges in the last 24 hours was
$ 27,532,279,094, down from $ 36,312,534,194 the day before. High volumes may indicate that any significant price move has stronger support and is more likely to be sustained.
volatility
Bitcoin’s price volatility over the past 30 days is 57.78%.
Fear and greed index
The market sentiment is today 23, in extreme fear.
Bitcoin’s market dominance
Bitcoin’s market dominance is today 40.87. The lowest dominance ever measured was 37.09 on January 8, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 36.20. A reading of 70 or above indicates that an asset is being overbought and may be prepared for a trend reversal or price correction – an RSI of 30 or below indicates an oversold or undervalued condition.
Convince your Nan: Soundbite of the day
“Bitcoin is the gold of the younger generation.”
Billionaire Ray Dalio
What they said yesterday
South Park on crypto …
Block by block …
Tick Tack!
Crypto AM: Editor’s Recommendations
Exclusive: FTSE tracks the development of the Digital Asset Index in Crypto Push
(Photo by Lionel Healing / Getty Images)
Crypto could give London a unique post-Brexit advantage, says Hammond
https://www.cityam.com/crypto-could-give-london-a-unique-post-brexit-advantage-says-hammond/
Diamond claws: crypto trading hamster dies after outstanding investment career
New cryptocurrency called ‘JRR Token’ blocked by lawyers for Lord of the Rings creator Tolkien
El Salvador is building Bitcoin city at the foot of the volcano
Bitcoin’s long-awaited taproot upgrade is here
Bitcoin’s long-awaited taproot upgrade has just hit the home network.
NFTs to fund new cryptocurrency film
Krypto AM: features
Krypto AM: Spotlighthttps://www.cityam.com/bumper-set-to-fire-up-its-liquidity-provision-program-today/embed/
Crypto AM: Founder Series https://www.cityam.com/using-blockchain-to-overcome-the-challenge-of-universal-connectivity/embed/
Crypto AM: Industry voices https://www.cityam.com/the-unforeseen-reputational-risks-of-nfts-and-how-to-avoid-them/embed/
Krypto AM: Contributors
Crypto AM: In conversation with James Bowaterhttps://www.cityam.com/creating-a-future-of-access-to-financial-tools-for-everyone-with-meld/embed/
Crypto AM: Tomorrow’s Money with Gavin S Brownhttps://www.cityam.com/will-tesla-change-direction-on-bitcoin-again/embed/
Crypto AM: Mixing in the Metaverse with Dr. Chris Kacherhttps://www.cityam.com/the-metaverse-is-here-and-even-facebook-is-getting-on-board/embed/
Crypto AM: Visions of the Future, Past and Present with Alex Lightman https://www.cityam.com/e-naira-digitising-nigeria-improving-lives-and-advancing-national-infrastructure/embed/
Crypto AM: Tiptoe through the Crypto with Monty Munford https://www.cityam.com/ive-spotted-curious-similarities-between-bitcoin-and-the-taliban/embed/
Crypto AM: Get a byte out of digital assets with Jonny Fry
Crypto AM: Parliamentary Special Offer
Part one of two – April 2021https://www.cityam.com/the-government-is-cautious-about-crypto-but-i-think-well-get-there/embed/
Part two of two – April 2021https://www.cityam.com/opening-our-eyes-to-financial-inclusion-for-the-good-of-the-economy/embed/
Five-part series – March 2021
Day one…https://www.cityam.com/financial-services-bill-time-to-act/embed/
Day two …https://www.cityam.com/financial-institutions-should-consider-appointing-ai-officers/embed/
Day three …https://www.cityam.com/dlt-may-not-be-the-silver-bullet-but-its-worth-a-shot/embed/
Day four …https://www.cityam.com/theres-a-real-prize-for-the-uk-to-lead-when-it-comes-to-distributed-digital-id/embed/
Day five …https://www.cityam.com/we-need-to-strap-a-rocket-to-the-governments-fintech-thinking/embed/
Krypto AM: Events
Warning notices
It is certainly tempting to get carried away with the excitement, but please heed this warning: do your own research, invest only what you can afford, and make good decisions. Hopefully the indicators included in this article will help with this. However, do not forget The content of this article is provided for informational purposes only and does not constitute investment advice or any form of recommendation or invitation. City AM, Crypto AM and Luno always advise you to seek your own independent financial advice before investing or trading in cryptocurrency.
All information is correct as of 8:00 AM BST
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