SIX DAYS TO GO…
Book your place at the Crypto AM Summit and Awards.
Crypto at a glance
The cryptocurrency market continues to recover this morning, with Bitcoin (BTC) rising around four per cent in price over the last 24 hours to just below the $44k mark.
The largest cryptocurrency’s recovery is echoed in the alt markets, with Ethereum (ETH) rising seven per cent to more than $3,100. Solana (SOL) and Polkadot (DOT) are the big gainers, both up around 14 per cent over the last 24 hours, although they are also recovering from heavier losses. Will the recovery continue as we head into the weekend?
The rebound comes as fears subside around the collapse of Chinese property developer Evergrande. The Shenzhen-based company, which many feared had unpayable debts of in excess of $300 billion, has now struck a deal over another debt to settle interest payments on a domestic bond.
The news appears to have settled the markets somewhat, with stock markets also opening up this morning. They certainly don’t seem to be out of the woods yet though Could the crisis be a persistent influence on the crypto markets during the coming weeks?
There are other potential explanations for the recovery. The US Federal Reserve’s announcement on Wednesday that it would maintain benchmark interest rates at near zero has been cited as one cause, with investors looking to Bitcoin as an alternative to interest-bearing investments, such as bonds.
Another explanation is traders eying Bitcoin’s September options expiry on Friday, with a total of 73,700 options contracts worth $3.14 billion due to expire. An options contract gives the buyer the opportunity to buy or sell an underlying asset, depending on the type of contract they hold. The expiry will see many take new positions. Which way they go could prove telling about the market’s direction over the coming months.
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: firstname.lastname@example.org 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
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All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻
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 $1,144,865,389,484.
What Bitcoin did yesterday
We closed yesterday, 22 September 2021, at a price of $43,574.51, up from $40,693.68 the day before. The daily high yesterday was $43,978.62 and the daily low was $40,625.63.
This time last year, the price of Bitcoin closed the day at $10,246.19. In 2019, it closed at $9,729.32.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $829.95 billion. To put it into context, the market cap of gold is $11.202 trillion and Facebook is $967.66 trillion.
The total spot trading volume reported by all exchanges over the last 24 hours was $37,199,291,459, down from $45,949,664,555 yesterday. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
The price volatility of Bitcoin over the last 30 days is 52.42%.
Fear and Greed Index
Market sentiment today is 27.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.43, down from 42.16 yesterday, Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 46.34, up from 40.47. 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
“By year-end 2021, AMC will take Bitcoin, Ethereum, Litecoin and Bitcoin Cash for online payments.”
CEO Adam Aron of AMC Entertainment Holdings is the largest movie exhibition company in the U.S., Europe, and the world.
What they said yesterday
Saylor, in it for the long haul…
Crypto AM: Editor’s pick
Cardano promises ‘industry-defining announcements’ at its biggest ever summit
Binance probed over suspected insider trading
Cardano Alonzo upgrade sees 100 smart contracts in first 24 hours
Morgan Stanley to launch new research team led by Sheena Shah
Bitcoin can now be purchased using the Post Office app
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
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
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:
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