So much is going on in the fast paced world of Bitcoin

The week in review

With Jason Deane

As Bitcoin’s network effect continues to accelerate, trying to condense a week’s events into a brief Friday review becomes increasingly difficult – but it’s a challenge I’m happy to face!

Aside from the fact that the price of Bitcoin has increased more than 13 percent in US dollars since my last update, and the outlook remains incredibly optimistic, it’s also worth noting that Bitcoin’s mining difficulty is the measure by which the easiest way to see is how much computing power is coming into the network – also increased by more than four percent this week.

Above all, it was the seventh increase in a row – an achievement that has not been achieved for several years.

With the enormous (and really hectic) developments in the mining sector, this is honestly not surprising and it may well be some time before we see a downward correction, if at all. All of this is great for Bitcoin’s underlying security.

But on the non-technical side, things continue just as quickly.

President Nayib Bukele of El Salvador announced this week that after the implementation of the law on September 7th, almost 50 percent of the citizens of his country will use Bitcoin, apparently in the next few days. This will allow the purchase of anything from hamburgers to cars, and with Brazil’s economy currently ranked 13th in the world according to the IMF, this is a significant step.

For the moment, of course, it’s nothing more than a suggestion, but it’s definitely worth following as the story progresses.

Last night, the news came hot off the press that the SEC had approved a new Volt Equity ETF entitled “Volt Bitcoin Revolution ETF” in the United States. This may not seem that significant at first glance, but the companies included in this product all have significant Bitcoin holdings as part of their balance sheets, so think of Tesla, Microstrategy, PayPal, Twitter, Marathon, etc.

Many, including myself, view this as a natural step towards the long-coveted Bitcoin-only ETF that some believe may actually be approved in the next month or so. Personally, I’m still skeptical about this, but I’m really glad that I’ve been proven otherwise.

In the meantime, have a wonderful weekend!

Would you like to help spread the introduction and formation of Bitcoin in the UK and even pile up some sats while you do so? Well now you can!

the Bitcoin pioneers Community, backed by Barry Silberts Digital Currency Group, was formed to bring Bitcoin to a mainstream audience in meaningful ways and now has members across the UK.

We share tips, stories, and ideas on how to encourage others to try Bitcoin for the first time. And thanks to Luno’s support, every pioneer receives £ 500 a month of Bitcoin to share with beginners to help 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 collaboration with Luno is welcome by email at James.Bowater@cityam.com 🙏🏻

Yesterday Crypto AM Daily in collaboration with Luno

Bitcoin price

In the markets

The bitcoin economy

* For definitions and insights, see https://bytetree.com/insights/

Total crypto market capitalization

The total capitalization of the entire cryptocurrency market at the time of writing is currently $ 2,293,072,697,464.

What Bitcoin did yesterday

We got yesterday, October 7th, 2021, for the price of. closed $ 53,805.99, down from $ 55,361.45 the previous day. The daily high was $ 55,338.62 yesterday and the daily low was $ 53,525.47.

Around this time last year, Bitcoin’s price closed the day at $ 10,915.69. In 2019, it closed at $ 8,228.78.

Bitcoin market capitalization

Bitcoin’s market capitalization at the time of writing is $ 1.02 trillion. For comparison, the market capitalization of gold is $ 11.169 trillion and Facebook is $ 928.21 billion.

Bitcoin volume

The total spot trading volume reported by all exchanges in the last 24 hours was $ 35,449,337,148, after $ 48,942,194,223 yesterday. High volumes may indicate that a significant price move has stronger support and is more likely to be sustained.

volatility

Bitcoin’s price volatility over the past 30 days is 58.66%.

Fear and greed index

The market sentiment is today 74, in extreme greed.

Bitcoin’s market dominance

Bitcoin’s market dominance is today 43.95, from 44.87 yesterday. The lowest dominance ever recorded was 37.09 on January 8, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 67.22, Down from 69.18 yesterday. Values ​​of 70 or above indicate that an asset is 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

Institutional investors see Bitcoin as “better inflation protection” than gold.

JPMorgan report

What they said yesterday

Before the schedule …

People of El Salvador are getting ~ $ 2 million a day in #Bitcoin

On track for $ 742 million a year and barely a month has passed since launch

– Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) October 7, 2021

And it’s just the beginning …

#Bitcoin has a market cap of trillion dollars.

Let that sink in.

– Bitcoin Magazine (@BitcoinMagazine) October 7, 2021

Up, up, up …

Fairtrade…

Bitcoin miners earned $ 49.6 million in the past 24 hours in exchange for securing the world’s strongest computer network.

– Pomp (@APompliano) October 7, 2021

Crypto AM: Editor’s Recommendations

El Salvador starts mining Bitcoin using volcanic energy

El Salvador, the first country in the world to adopt Bitcoin as legal tender, has mined over £ 200 worth of BTC using volcanic energy (Photo by Sean Gallup / Getty Images) (AFP via Getty Images)

Bitcoin is booming, but crypto stocks listed in Hong Kong are slipping after the crackdown in China

Hong Kong's first Bitcoin counter opens to the public (Getty Images)

Cardano promises “industry-defining announcements” at its biggest summit of all time

Cardano says it will make some (AFP via Getty Images)

Binance investigated on suspicion of insider trading

Changpeng Zhao Binance CEO (AFP via Getty Images)

Cardano Alonzo Upgrade sees 100 smart contracts in the first 24 hours

Cardano coin (AFP via Getty Images)

Morgan Stanley creates new research team led by Sheena Shah

Morgan Stanley (AFP via Getty Images)

Bitcoin can now be bought with the Post Office app

Royal Mail undecided on further mail closures (Getty Images)

Simon Nixon urges Seek Ventures to increase Bitcoin investments

Krypto AM: features

Krypto AM: Spotlight

Crypto AM: Founder Series

Crypto AM: Industry voices

Krypto 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 and Present with Alex Lightman

Crypto AM: Tiptoe through the Crypto with Monty Munford

Crypto AM: Get a byte out of digital assets with Jonny Fry

Crypto AM: Parliamentary Special Offer

Part one of two – April 2021

Part two of two – April 2021

Five-part series – March 2021

Day one…

Day two …

Day three …

Day four …

Day five …

Crypto 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, remember The content of this article is 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

Comments are closed.