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On today's show:
The only thing people seem to want to know about right now is the market prices so let’s dedicate today to that
If you do decide to go shopping for cryptos during these price declines may I recommend Binance, probably my favourite exchange right now.
My referral link is: https://www.binance.com/?ref=10890655 but as ever I do not recommend storing your crypto on any exchange so bear that in mind.
Story - Market Roundup
A lot of people look at Coinmarketcap, I used to have a segment on the show every day using it but I dropped that considering the numbers are changing in real time.
Plus, once we get into a situation like this, there are only a couple of numbers that I find informative.
The overall market cap is one of them:
Right now we’re sitting at $377b. Having peaked at around 830b the first week in January.
That represents a reduction of approximately 54% in overall market cap, which is $448b in overall dollar value.
I have heard people describe this as being value wiped out, however I think it’s more accurate to say that amount of value has left the crypto space by being transferred back to the old financial system.
This is a function of the cryptocurrency revolution being global. Never before have so many people been able to participate and it’s the internet that allows everyone to participate.
The second number I think is valuable is the 24 hour volume at $22b.
That seems low but it’s more sane than the hundreds of billions of volume we were turning over during the recent mania.
When prices kick off again, you watch this number climb rapidly.
Then the fun number to look at is the winners and losers, which can be quite comical on coinmarketcap since they include the whole list of coins.
If I’m not mistaken Metal is the highest cap coin on this list with a 20% gain on the day, wow, I think anyone would be pleased with that today.
Story - Chart Reading
Charts provided by Coinigy
The Bitcoin chart is having a big old battle around 8,000 but unfortunately at the moment is gradually eeking lower.
By that I mean we have set a couple of new lows, one yesterday and another one today.
They are only slightly lower but lower nonetheless.
We can inspect them in more detail on the hourly chart.
I found this interesting table of data in a tweet:
Story - Potential Good News For Crypto
In an interview with the CEO of Bittrex it came out that they will soon be accepting US dollar deposits directly.
That means no longer would you have to buy Bitcoin on Coinbase or Gemini and then transfer it to Bittrex to buy altcoins, its a one move directly from your bank to Bittrex.
This is not an easy thing to do so it is no surprise to me that
It has taken some time to set up and
Most other exchange stick to just crypto to crypto trading pairs
When Bittrex launches US dollar deposits we may well see some altcoins trading directly against the dollar, that would be interesting.
Bearing in mind Bittrex supports 190 different cryptos.
You can listen to the full interview using the audio player embedded at the bottom of this article.
The other thing that is generally bad news but potentially good news for crypto, as far as I know on the 8th of February the US government is going to hit it’s funding limit again.
I’m sorry I don’t have a source for this so perhaps someone can help me out by posting something in the comments.