August Brings Volatility
In August, the cryptocurrency market experienced significant volatility, highlighted by Bitcoin’s rollercoaster ride from a low of $48,900 during the Japanese currency crisis to a quick rebound at $62,000. These wild price swings were triggered by low trading volume and Bitcoin’s high liquidity on weekends. The final weekend in July, panic spread among investors who feared a massive sell-off in equities due to margin calls on large positions.Bitcoin, being the only asset that trades 24/7 took the brunt of the selloff over the weekend as the price fell from $61,000 on Friday to the low of $49,000 Monday morning. However, the situation stabilized as the Japanese government swiftly reassured the market by announcing no plans to raise interest rates again. As a result, Bitcoin has also settled down and is currently trading around $60,000. Despite this temporary calm, the remainder of August is expected to remain uncertain, with retail traders largely exiting the market and trading volume remaining exceptionally low. Without an increase in trading activity, it is unlikely that any sustained movements, either upward or downward, can be maintained. For now, the summer blues continue.
Bitcoin Performance Since 2013 Against Other Major Assets
Bitcoin’s Utility
Amid debates within the traditional financial sector questioning Bitcoin’s utility, it is often argued that Bitcoin goes beyond its standard features like proof of work and round-the-clock permissionless transactions. An often underestimated utility of Bitcoin is its revolutionary capability to uncouple currency from state supervision. Individuals embracing Bitcoin transactions essentially opt out of government surveillance, a significant move considering the growing distrust towards conventional banking systems. The ongoing US presidential election underscores the increasing importance of Bitcoin, as both Republicans and Democrats recognize its sway over voters. While one camp proposes elevating Bitcoin to the status of a national reserve currency, the other pledges to provide regulatory clarity before the year’s end. Nonetheless, the current administration’s implementation of Operation Choke Point 2.0 to impede banking access for crypto firms reveals a persistent struggle for supremacy and control.
Bitcoin, although apolitical, is becoming intertwined with political agendas in the US, with Republicans officially embracing it and Democrats divided on regulatory approaches. The battle for legislative clarity in the crypto industry suggests significant posturing for votes. The power to print money and exclude entities from the financial system gives the Federal government control, leading to global instability. Measures such as trade agreements settled in Bitcoin in Russia signal a shift towards bypassing the dominance of the US financial system. Bitcoin’s decentralized nature offers a pathway to fair trade agreements and improved global relations by reducing the influence of nation states.
As adoption grows, nation states’ ability to create global chaos diminishes, paving the way for peaceful solutions and equitable negotiations. The resistance from established powers may lead to a decade of turmoil as they strive to retain control. Choosing Bitcoin signifies a peaceful revolution to reclaim power and autonomy from prevailing forces. Choosing Bitcoin is your path to freedom, peace and personal sovereignty
As always, it’s important to conduct your own research and this is not intended as financial advice.
Here is a great basic explanation of Bitcoin from @REALANDREADY on X.
Links & Tutorials
Bitcoin Education Resources
Hope.com – Learn more about Bitcoin and how to use BTC to protect your wealth.
The Bitcoin Standard – Book by Saifedean Ammous – a must-read!
The Bitcoin Way – Go bankless! Bitcoin education and services to help you custody your Bitcoin safely and securely.
Swan Bitcoin – Bitcoin exchange, IRAs and institutional-grade custody solutions
River Financial – Bitcoin exchange and institutional-grade custody solutions
God Bless Bitcoin – Full Length Documentary
Freedom People Resources
People Pay – Accept Bitcoin payments for your business
Chainrecorder – Prove ownership immutably by recording your documents on the Bitcoin blockchain
U.S. Regulated Exchanges (Fiat Onramps)
Coinbase – Using Coinbase Advance Video
Kraken – Using Kraken Pro Video
KYC Credentials Outside the U.S.
Palau ID – Foreign residence to pass KYC on foreign exchanges.
KYC Exchanges that Accept Palau ID (Must Use VPN – Costa Rica, Columbia, Mexico, Panama)
No KYC Exchanges (Must Use VPN – Costa Rica, Columbia, Mexico, Panama)
DEXs (Decentralized Exchanges) – Best Wallet To Use
Jupiter – Video Solana Ecosystem – Phantom Wallet
Whales Market – Solana OTC Trade Desk – Phantom Wallet
Thorswap – Swap native assets cross-chain (BTC for ETH etc..) and a very unique decentralized Bitcoin lending platform. Works best with the XDefi Browser Wallet.
Decentralized Bitcoin lending platform. Thorswap Overview VideoLoans On Thorswap Video
Osmosis – Cosmos Ecosystem – Rabby, Metamask
Spooky Swap -Fantom – Rabby, Metamask
Trader Joe – Avalanche Ecosystem – Rabby, Metamask
Crypto Market and Portfolio Tracking
CoinGecko for portfolio tracking and up-to-date prices
CoinMarketCap – Crypto Prices
Banter Bubbles – Crypto Prices – Social Sentiment
Trading View – Chart all Markets and trading pairs Tradingview Tutorial Video
Storage – Not your keys, Not your crypto!
Cold Storage Wallets (Secure Long-Term Storage of Your Crypto)
Cold Card (Bitcoin Only) – Video
Hot Wallets (Lower Security – interact with DAPPS and Smart Contracts)
XDefi Browser Wallet – Video1 Video 2
Warning-If you have a wallet and an NFT has been sent to your wallet that you did not mint or purchase.. NEVER click on it. Many have malicious code that can drain your wallet! – BE CAREFUL
Stay Free!
Kury
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