Bitcoin fails to capitalize on Liz Truss’ resignation
Watch: Bitcoin whales rally after Liz Truss steps down as UK prime minister | Crypto Mile Weekly Update
UK Prime Minister Liz Truss’ resignation after 44 days in Downing Street exacerbates a “loss of confidence” in the Bank of England, a prominent bitcoin advocate has claimed.
On this week’s Crypto Mile, bitcoin pioneers Max Kaiser describes a significant loss of confidence in governance and financial order in the UK after seeing two Prime Ministers and four Chancellors of the Exchequer in the last four months.
He said: “It is a global central banking crisis caused by decades of excessive money printing and it is affecting countries in different ways.
“In the UK, politicians are in full panic mode and this only exacerbates the loss of confidence in the Bank of England, which in turn panics and ramps up bond buying and money printing.
“This is a vicious cycle that can only end in disaster, not just in the UK but globally.
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“The all fiat money experiment that started in 1971 in America when Nixon closed the gold window has failed.”
The cryptocurrency market was muted throughout the week, with bitcoin (BTC-USD) down 1.8% in value over the past seven days, failing to capitalize on the uncertainty roiling London markets.
After the FTSE 100 (^FTSE) fell 0.6% to 6,900 points after the open on Friday, bitcoin fell to $19,042 (£17,133), down 0.1% in 24 hours.
Inflows into the crypto ecosystem eased to see its market cap shrink 0.1% in 24 hours to $948 billion.
The second largest cryptocurrency by market cap, ether (ETH-USD), was trading at $1,284, down 0.1% on the week.
Bitcoin whales are accumulating on Binance
Bitcoin whales are basking in an accumulation phase, according to data from cryptocurrency exchange Binance, with bitcoin spot trading volume exploding compared to rival Coinbase (COIN).
Ki Young Jumanaging director i CryptoQuanttweeted: “Whales accumulate BTC in Binance, since Bitcoin price hit the $20k level.
“Binance spot trading volume dominance skyrocketed and is now 84%.
“The second largest is Coinbase, 9%.
Read more: What will save the metaverse from becoming a ‘ghost town’?
“Not sure if these whales are institutions using prime brokers or crypto OGs for now.”
However, Binance’s native token BNB (BNB-USD) traded mixed this week, down 1.4% over the past seven days to $268.
Ki Young Ju added: “Binance spot trading volume for all exchanges increased 20x over the past six months. Volume renewed to a yearly high last month, but not much change in the daily closing price, indicating that someone is buying all the sell-side liquidity.”
Deep fractures emerging in the world economy
Goldman Sachs ( GS ) CEO David M Solomon warned that deeper fractures in the world economy will soon become visible.
He said on Tuesday: “There’s a reasonable chance of a recession in the US, but it’s not certain, I could still see a soft landing scenario.”
Read more: Martin Scorsese’s producer Niels Juul sees NFTs as the future of film financing
US stocks fell in choppy trading on Thursday as investors kept an eye on the bond market, where government yields continue to rise, with the 10-year Treasury yield hitting a peak of 4.239%.
The S&P 500 (^GSPC) fell 0.80% to 3,665.78. The Nasdaq Composite (^IXIC) fell 0.61% to close at 10,614.84.
Ripple is nearing the conclusion of its SEC case
Ripple (XRP-USD) is nearing the end of its long-running battle with the US Security Exchange Commission (SEC).
The expectation failed to provide any boost to the XRP price which is now trading down over 7% this week to $44.
