Senator Richard Shelby, 87, is screwing up US Crypto but the market is green because he has just united the whole industry to fight!

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Greetings from Mallorca where I try to take a vacation while I contemplate my advancing years – soon my half-century. Meanwhile, ageism is alive and well in the United States as millennials cry out loud that Baby Boomers and their parents are fucking Crypto.

Seriously, they could be right, but age has absolutely nothing to do with it (or at least shouldn’t!). Look at what has happened to the world in the crypto space over the past year, from what appear to be the coordinated efforts to tame Binance, the largest exchange, to the adoption of a draft law which, if not challenged and amended, will almost kill Crypto in the United States.

It seems to me that the special interests of the legacy players are being served and that hapless old Shelby might just be the sacrificial pawn as he finishes his tenure next year. But what Shelby actually did was galvanize a very powerful – rich – industry in action, unify and lead the fight in Washington by any means necessary. He won’t care, I’m sure, but his legacy may well be that the Senate he’s served since 1986 (first as a Democrat, then a Republican since 1994) will be completely reformed through a fight. that he will eventually lose.

Crypto at a glance

A $ 1.2 trillion infrastructure bill amendment aimed at limiting a proposed increase in federal cryptocurrency regulation was stalled yesterday afternoon. Although there was bipartisan support for the amendment, it failed on the objection of 87-year-old Sen. Richard Shelby (R-AL), whose request to include an independent defense amendment of 50 billion dollars has been blocked. The effective implementation of the law, if the infrastructure bill is adopted, is expected in 2023.

Despite the maelstrom in the Senate, the market continues to look strong. The price of bitcoin yesterday hit a three-month high of over $ 46,000. It is now up 60% from its low of $ 29,500 in July, reached just three weeks ago. The world’s largest cryptocurrency by market cap is currently changing hands for around $ 46,100.

Ether also looks still strong, currently trading above $ 3,000 and up 21% over the past week. Other leading cryptocurrencies have also managed to hold onto their gains, with all major coins by market cap currently rising in the past 24 hours. Uniswap (UNI) saw the biggest daily price increase, up 10% since yesterday morning. Dogecoin (DOGE), Chainlink (LINK) and Polkadot (DOT) are all up 6%.

The Crypto AM London Blockchain & DeFi Summit will be held on September 29th and 30th

The first day will be held in two pavilions hosting the Crypto AM City of London Roundtables so that delegates can meet and network with each other and learn from great discussions and discussions.

Day two will be Summit Day (streaming and live audience) at the Leonardo Royal Hotel, St Paul’s, ending with the Black Tie Gala Dinner in the same venue where the 2021 Crypto AM Awards winners will be revealed.

For speaking opportunities, partnership packages or attendance (tickets will be strictly limited and on request), please send an email to:

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using the CRYPTOAM SUMMIT subject line

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On the stairs

The Bitcoin Economy

* Definitions and information 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 $ 1,850,092,619,985.

What did bitcoin do yesterday

We closed yesterday, August 9, 2021, for $ 46,365.40, down from $ 43,798.12 the day before.

Yesterday’s daily high was $ 46,456.83 and the daily low was $ 42,848.69.

Around the same time last year, the price of bitcoin closed the day at $ 11,878.11. In 2019, it closed at $ 11,354.02.

Bitcoin market capitalization

The Bitcoin market cap at the time of writing is $ 857.31 billion. To put it in context, the market cap of gold is $ 11.037 trillion and Facebook is $ 1.019 trillion.

Bitcoin volume

The total spot trading volume reported by all exchanges in the past 24 hours was $ 38,476,321,855, up from the previous day of $ 34,960,185,238. High volumes can indicate that a significant price movement has stronger support and is more likely to be supported.

Volatility

Bitcoin price volatility over the past 30 days is 56.53%.

Index of fear and greed

Market sentiment today is 71.

Dominance of the Bitcoin market

Bitcoin’s market dominance today is 47.02, its lowest dominance on record was 37.09 on January 8, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 69.66. Values ​​of 70 or more indicate that an asset is becoming overbought and may be ready for a trend reversal or price correction. An RSI reading of 30 or less indicates an oversold or undervalued condition.

Convince Your Nan: Soundbite of the Day

Bitcoin and crypto are no longer a niche group. We are a movement of tens of millions and growing. Our industry will be the main engine of economic growth this century.

Cameron Winklevoss, Founders of HarvardConnection

What they said yesterday

And the Senate?

Lummis in action

Do not abandon

We will continue to look for ways to correct the language of digital assets in this bill. It might not be today, but we won’t give up.

– Senator Cynthia Lummis (@SenLummis) August 10, 2021

The community makes its feelings known

I think it’s time we had a rally in Washington DC. I’ll make a few phone calls. More on this later

– Charles Hoskinson (@IOHK_Charles) August 9, 2021

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Crypto AM: longer reads

City AM Markets: What is Decentralized Finance (DeFi) by Aave

Crypto AM: Conversation with James Bowater

Crypto AM: Market View in association with Ziglu

Crypto AM: Technically speaking in association with Zumo

Crypto AM: a traders view with TMG

Crypto AM: Money Tomorrow 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 contributor: Jilian Godsil

Crypto AM: Legal Talking

Crypto AM: Spotlight

Crypto AM: Founders Series

Crypto AM: voice of the industry

Crypto AM: Tiptoe Through Crypto With Monty Munford

Crypto AM: Definitely DeFi

Parliamentary Special Crypto AM

Part one of both April 21-22, 2021

Part two of two April 21-22, 2021

Five-part series March 8-12, 2021

Day one

Day two

Day three

Day four

Fifth day

Crypto AM Events

For those of you who missed the Crypto AM DeFi & Digital Inclusion Online Summit – you can now watch the two-part event via YouTube

Part one

Second part

Cautionary Notes

It is certainly tempting to get carried away by the excitement, but please heed these warning words: do your own research, invest only what you can afford, and make good decisions. The indicators in this article will hopefully help you. Please keep in mind, however, that 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 get your own independent financial advice before investing or trading in cryptocurrency.

All information correct at 08:00 BST

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