Yahoo Finance Bitcoin fails to capitalise on ‘loss of confidence’ as Liz Truss resigns
Watch: Bitcoin whales accumulating after Liz Truss resigns as UK prime minister | The Crypto Mile Weekly Update
UK prime minister Liz Truss' resignation after 44 days in Downing Street is exacerbating a "loss of confidence" in the Bank of England, a prominent bitcoin advocate has claimed.
On this week's Crypto Mile, bitcoin pioneer Max Keiser describes a palpable loss in confidence in the governance and financial order in the UK after seeing two prime ministers and four finance ministers in the last four months.
He said: "There’s a global central bank crisis brought on by decades of too much money printing and it’s impacting 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 who in turn is now panicking and ramping up bond buying and money printing.
"This is a vicious circle that can only end catastrophically, not only 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) falling 1.8% in value over the past seven days, failing to capitalise on the uncertainty wobbling markets in London.
After the FTSE 100 (^FTSE) tumbled 0.6% to 6,900 points after the opening bell on Friday, bitcoin slumped to $19,042 (£17,133), down 0.1% in 24 hours.
Inflow into the crypto-ecosystem decreased to see the market cap shrink 0.1% in 24 hours to $948bn.
The second biggest cryptocurrency by market capitalisation, ether (ETH-USD), was trading at $1,284, down 0.1% in the week.
Bitcoin Whales accumulate 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 Ju, CEO of CryptoQuant, tweeted: "Whales are accumulating BTC in Binance, since the Bitcoin price hit the $20k level.
"Binance spot trading volume dominance skyrocketed, and it's now 84%.
"The second biggest is Coinbase, 9%.
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"Not sure whether these whales are institutions using prime brokers or crypto OGs for now."
However, Binance's native token BNB (BNB-USD) traded flat this week, down 1.4% in the past seven days to $268.
Ki Young Ju added: "Binance spot trading volume for all exchanges increased 20x over the past six months. The volume renewed a year-high last month, but not much change in the daily closed price, indicating someone(s) is buying all the sell-side liquidity."
Deep fractures appearing in the world economy
Goldman Sachs (GS) CEO David M Solomon warned that deeper fractures in the world economy are soon to become apparent.
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 scenario with a soft landing."
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US equities fell in choppy trading on Thursday as investors kept an eye on the bond market, where Treasury yields continue to climb, with the 10-year Treasury yield reaching a high of 4.239%.
The S&P 500 (^GSPC) fell 0.80% to 3,665.78. The Nasdaq Composite (^IXIC) was down 0.61% to close at 10,614.84.
Ripple nearing the conclusion of its SEC case
Ripple (XRP-USD) is nearing the conclusion of its long-standing battle with the US Security Exchange Commission (SEC).
The anticipation failed to offer any jolt to the XRP price which is now trading down over 7% this week, to $44.
