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!
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Yesterday Crypto AM Daily in collaboration with Luno
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.
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.
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.
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 …
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
Cardano promises “industry-defining announcements” at its biggest summit of all time
(AFP via Getty Images)
Binance investigated on suspicion of insider trading
(AFP via Getty Images)
Cardano Alonzo Upgrade sees 100 smart contracts in the first 24 hours
(AFP via Getty Images)
Morgan Stanley creates new research team led by Sheena Shah
(AFP via Getty Images)
Bitcoin can now be bought with the Post Office app
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 two …
Day three …
Day four …
Day five …
Crypto AM: Events