Markets in retreat after last week’s outbreak
Crypto at a Glance
The slow start to the week continues, with the Bitcoin price still in retreat after failing to push past $42,000. The world’s largest cryptocurrency continues to trade in the corridor between $30,000 and $42,000 where it’s been stuck since late May, currently changing hands for around $38,500. it remains at the upper end of the range for the time being. Can it summon the energy for another break out?
Ethereum is also recording a sharp decline this morning, down 4% to just below $2,500. The second largest cryptocurrency by market cap has had a buoyant week, pushing past the $2,600 mark ahead of tomorrow’s planned upgrade that could significantly reduce the cryptocurrency’s supply growth.
The big story yesterday was Square’s announcement that its Cash App service’s bitcoin revenue in the second quarter ballooned to $2.72 billion from $875 million just a year earlier, while its bitcoin gross profit jumped to $55 million from $17 million. The payment giant, which is led by Twitter co-founder and notorious bitcoin bull Jack Dorsey, did see a decline in Bitcoin revenue and gross profit from the first quarter, but it’s clearly becoming a huge part of their business.
Elsewhere, it is, as usual, a similar story in the alt markets, with only Chainlink managing any uplift today. Cardano, Binance Coin and Polkadot are all down around 3-5% this morning, though the majority are all still posting gains over the course of the week.
The Crypto AM London Blockchain & DeFi Summit will be held on the 29 & 30 September…
Day One 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 talks.
Day Two will be Summit day (Streamed and live audience) at the Leonardo Royal Hotel, St Paul’s, finishing with the black tie gala dinner in the same venue where the winners of the Crypto AM Awards 2021 will be revealed.
For speaking opportunities, partnership packages or attendance (tickets will be strictly limited and by application) please email:
events@cityam.com
using the subject line CRYPTOAM SUMMIT
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Yesterday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/insights/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,559,172,405,873.
What bitcoin did yesterday
We closed yesterday, 2 August, 2021, at a price of $39,201.95, down from $39,974.90 the day before.
The daily high yesterday was $40,419.18 and the daily low was $38,746.35.
This time last year, the price of bitcoin closed the day at $9,087.30. In 2019, it closed at $10,821.73.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $756.23 billion. To put it into context, the market cap of gold is $11.508 trillion and Facebook is $992.3 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $26,310,903,320, down from $26,893,844,669 the day before. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
Volatility
The price volatility of bitcoin over the last 30 days is 54.36%.
Fear and Greed Index
Market sentiment today is 48.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.01, Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 57.11 . Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price – an RSI reading of 30 or below indicates an oversold or undervalued condition.
Convince your Nan: Soundbite of the day
“Inflation is a cancer that has been killing civilizations throughout history. Bitcoin is the cure.”
- Michael Saylor, quote machine
What they said yesterday…
Jack loves Bitcoin….
….And wouldn’t you
Wise
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Crypto AM Parliamentary Special
Part One of Two 21-22 April 2021
Part Two of Two 21-22 April 2021
Five Part Series 8-12 March 2021
Day One
Day Two
Day Three
Day Four
Day Five
Crypto AM Events
For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit – you can now watch the event in two parts via YouTube
Part One
Part Two
Cautionary Notes
It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. City AM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.
All information is correct as of 08:00 BST