Monday 6 September 2021 1:37 pm

Bitcoin looks to hold ground above $50,000 as battle begins for $51k

DON’T FORGET! Less than two weeks to go to submit your entries to the Crypto AM Summit and Awards!

Crypto at a glance

Movement is rippling across the boards today after Bitcoin was beginning to fail to match the expectation of many who were predicting a surge in price last week.

The return to form of the hash rate – a measurement of the processing power of Bitcoin’s global network – was sparking rumours of a potential super cycle in the crystal balls and tea leaves of numerous crypto clairvoyants.

The belief is that if Bitcoin can hold steady above $51,000 with conviction, then it would somehow generate a frenzy of buying that would send it hurtling towards an all-time high.

As it turned out, BTC paid no heed to the prophets, and promptly let $50,000 slip out of its grasp before embarking on a path that bore all the hallmarks of a slow descent. Then, in a sudden act of bloody-mindedness, it made its move on Sunday evening.

Two sharp green candles catapulted the original cryptocurrency above $51k where it has since sat around the $51,500 mark.

It will be interesting to see, after the US has rubbed its eyes and grabbed a coffee, where Bitcoin will be overnight.

Will the US traders buy in to the $51,000 theory, or is Bitcoin’s destiny being shaped by other factors?

With BTC’s pattern being seemingly mirrored by Ethererum and Cardano, this week is shaping up to deliver some possible excitement.

This might be a good time to grab the popcorn.

The Crypto AM London Blockchain & DeFi Summit and Crypto AM Awards 2021

Day One will be held at ETC Fenchurch Street hosting the four 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’.

Summit & Awards Announcements 

Crypto AM Awards 2021 Judges Announced

Crypto AM is delighted to announce Luno as Gold Partner 

Crypto AM is delighted to announce Cudos as Gold Partner 

Crypto AM is delighted to announce MELD as Gold Partner 

Crypto AM is delighted to announce Umbria Network as Silver Partner 

Would you like to help spread the adoption and education of Bitcoin in the UK and even stack some Sats while you’re doing it? Well, now you can!

The Bitcoin Pioneers community, backed by Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members right across the UK.

We share tips, stories and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping them get started.

So, if you’re passionate about Bitcoin, why not join today? Click here to find out more!

All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻

Friday’s Crypto AM Daily in association with Luno

In the markets

The Bitcoin economy

The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,323,528,538,275,110. 

What Bitcoin did yesterday

We closed yesterday, September 5 2021, at a price of $51,753.41 up from $49,944.63 the day before. The daily high yesterday was $51,868.68 and the daily low was $49,538.60. 

This time last year, the price of Bitcoin closed the day at $10,280.35. In 2019, it closed at $10,353.30. 

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $975.18 billion. To put it into context, the market cap of gold is $11.621 trillion and Facebook is $1.06 trillion. 

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $975,182,795,795. 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 35.43%.

Fear and Greed Index

Market sentiment today is 79.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 41.37, Its lowest ever recorded dominance was 37.09 on January 8 2018.

Relative Strength Index (RSI)

The daily RSI is currently 66.93. 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

“Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy.”

Michael Saylor, American entrepreneur, business executive and ₿itcoin bull

What they said yesterday

Forever-ever-ver-er-r…

You have more power than you think…

700 million and counting…

Crypto AM: Editor’s pick

Simon Nixon tells Seek Ventures to ramp up Bitcoin investment 

Bitcoin breaks $50,000 as magic monday gives cryptocurrencies a green start to the week

Gibraltar to host first international post pandemic crypto event

CV Labs Partnership launches British crypto firm Evai onto Bittrex global exchange 

Crypto AM: Features 

Crypto AM: Spotlight

Crypto AM: Founders Series 

Crypto AM: Industry Voices 

Crypto AM: Contributors 

Crypto AM: In Conversation with James Bowater

Crypto AM: Tomorrow’s Money with Gavin S Brown

Crypto AM: Mixing in the Metaverse with Dr Chris Kacher

Crypto AM: Visions of the Future, Past & Present with Alex Lightman 

Crypto AM: Tiptoe through the Crypto with Monty Munford 

Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry

Crypto AM: Parliamentary Special 

Part one of two – April 2021

Part two of two – April 2021

Five-part series – 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 2021 – 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

Share