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If the first few days of 2022 are anything to go by, Bitcoin’s in for an interesting year

Bitcoin

The week in review

With Jason Deane

So, we find ourselves at the end of the first week of 2022. If it’s any indicator of the year that lies ahead, we can be sure that we’re in for a fascinating twelve months.

Most people are currently focused on the fact that Bitcoin’s price has not been moving as many thought it would be at this stage. That’s understandable given the sheer volume of adoption, education and development that has been going on behind the scenes that seems to have been overlooked in favour of government tapering programs in the large economies.

This is ironic because the fact that centralised powers have so much influence over the movement of markets, economies and the wealth of individuals by making these decisions is exactly why many of us choose to invest in Bitcoin – both in time and understanding – in the first place. Go figure!

Bitcoin’s continued flailing has brought much joy to Peter Schiff this week who, as usual, has been continuing to forecast that Bitcoin will go to zero as he has done for the last decade. The fact that he has consistently been wrong over the same period doesn’t seem to faze him at all and the tweets have come thick and fast over the last few days. Of course, there’s a further irony here because his beloved gold has also continued to significantly underperform in what many would argue are perfect conditions for the precious metal to flourish. We are in strange times.

Meanwhile, the unrest in Kazakhstan led to the internet itself being switched off by the government, effectively removing the contribution made to the global hashrate from the miners in that country – now one of the world’s top contributing regions. The impact was entirely irrelevant for the Bitcoin network as it continued to operate perfectly, proving, yet again, just how robust the system really is.

All this was happening just as Bitcoin turned 13 earlier this week, entering that awkward period between childhood and adulthood.

And in many ways that feels like exactly the right age for where we are today – now too old to be considered cute, but still too young to be taken really seriously by the most of the biggest boys in the school. At least for now.

But make no mistake – one day you’ll wake up and Bitcoin will be the adult in the room.

They grow up so fast don’t they?

Have a great weekend!

JD

Would you like to help spread the adoption and education of Bitcoin in the UK and even stack some Sats while you’re doing it? Well, now you can!

The Bitcoin Pioneers community, backed by Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members right across the UK.

We share tips, stories and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping 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 association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻

Yesterday’s Crypto AM Daily in association with Luno

price of Bitcoin

In the markets

The Bitcoin economy

*Definitions and insights can be found at https://bytetree.com/insights/

Total crypto market cap

The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,981,143,883,004, down from $2,057,140,501,475 yesterday.

What Bitcoin did yesterday

We closed yesterday, January 6 2022, at a price of $43,160.93, down from $43,569.00 the day before. The daily high yesterday was $43,748.72 and the daily low was $42,645.54.

This time last year, the price of Bitcoin closed the day at $39,371.04. In 2020, it closed at $8,163.69. 

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $11.37 billion. To put it into context, the market cap of gold is $11.37 trillion and Tesla is $1.069 trillion. 

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $33,229,598,043, down from $42,155,048,040 yesterday. 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 41.91%.

Fear and Greed Index

Market sentiment today is 18, in Extreme Fear.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 40.17. Its lowest ever recorded dominance was 37.09 on January 8 2018.

Relative Strength Index (RSI)

The daily RSI is currently 27.74. 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

“The best time to buy is when things go down.”

New York Mayor Eric Adams

What they said yesterday

Saylor saying it how it is

Stay calm…

👏

Crypto AM: Editor’s picks

Bitcoin hashrate touches new all time high

Bitcoin mining company - Illustrations of Cryptocurrency

Peter McCormack: Transforming Bedford FC into a global Bitcoin brand

In an interview with Crypto AM, Bitcoin investor and podcaster Peter McCormack opens up about his purchase of Bedford FC.

Exclusive: FTSE plots development of digital asset index in crypto push

FTSE Continues To Fall Amid Growing Concerns Over Recession
(Photo by Lionel Healing/Getty Images)

Crypto could give London a unique post-Brexit advantage, says Hammond

This image has an empty alt attribute; its file name is 001-philip-hammond-cutout-57ed5191a2921-57ed5191b2a36.jpg
https://www.cityam.com/crypto-could-give-london-a-unique-post-brexit-advantage-says-hammond/

Diamond claws: Crypto trading hamster dies after standout investing career

The first hamster to become a crypto investment guru, Mr Goxx, has died of unknown causes.

New cryptocurrency named ‘JRR Token’ blocked by lawyers for Lord of the Rings creator Tolkien

This image has an empty alt attribute; its file name is ring-g1445cfd83_1920.jpg

El Salvador to build Bitcoin city at base of volcano

Bitcoin city

Crypto AM: Features 

Crypto AM: Spotlighthttps://www.cityam.com/bumper-set-to-fire-up-its-liquidity-provision-program-today/embed/

Crypto AM: Founders 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/

Crypto 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 & 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: Taking a Byte out of Digital Assets with Jonny Fry

Jonny Fry Taking a Byte out of Digital Assets

Crypto AM: Parliamentary Special 

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/

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.

All information is correct as of 08:00 BST

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