Tuesday 20 July 2021 12:10 pm

Bitcoin price slumps amid wider market crash

Crypto at a glance

Bitcoin slipped below $30k this morning for the first time in almost a month. It’s currently down five per cent over the last 24 hours, while alt coins including Ethereum (ETH) and Cardano (ADA) have seen even deeper crashes of nearer 10 per cent or more.

Bitcoin has been stuck in a broad price range between $30,000 to $40,000 since mid-May, only briefly dipping below the $30,000 mark on June 22.

However, while recent price drops have been largely restricted to cryptocurrency, this crash coincides with a similar downturn for the global stock market. The Dow Jones Industrial Average yesterday experienced its worst one-day fall since last October, as fears continue to rise that the rapid spread of the highly contagious Covid-19 Delta variant could again hinder economic recovery efforts.

The fall will bring back memories of last March, when total lockdowns were announced across the world. Back then, Bitcoin fell from around $9,000 to $6,000, with the stock market plummeting. It recovered rapidly afterwards, kickstarting a winning streak that took it all the way to $64,000 in April.

Bitcoin is in a different place today, up almost 500 per cent since then and on the plus side it seems to be holding its value a lot better. The 2020 crash and other apparently similar COVID-related drops were different, however, in that it was driven by a single event and this time around there doesn’t seem to be any one driver. Where to next?

Cudos proudly presents the Crypto AM 3rd Birthday Unlocking Summer Party at Boisdale of Canary Wharf on Wednesday, July 28…

The Crypto AM 3rd Birthday Unlocking Summer Party is a go!  

An amazing champagne drinks reception followed by a three course summer lunch washed down with beautiful Mirabeau Azure Rosé!  Followed by the chance to finally catch up and network with the community to the intoxicating beats of a Mediterranean beach club. 

There will be a main keynote from Matt Hawkins, Founder & CEO of CUDOS, a community Keynote from Jason A Deane of Bitcoin Pioneers and a panel discussion around the ‘State of the Crypto Union’ moderated by Crypto AM contributor Alex Lightman.

I’m also delighted to announce that Ted Byron Baybutt the Director of British Sci-Fi Thriller ‘Slammer’ will be exhibiting an exclusive screening of the trailer to the film. He’s bringing his film crew so who knows? Attendees might end up featuring in the film.

I’m hugely grateful to our partners CUDOS, World Mobile, BEQUANT, Bitstamp, CryptoCompare, CEX.IO, Bitcoin Pioneers & GlobalBlock Digital Asset Trading whose generosity is enabling everyone to attend free of charge.

I am holding ten tickets for readers to attend – if you’d like to apply please email me directly with your name, company and contact details explaining why you‘d like to attend.  I will let the lucky applicants know who they are next Wednesday. 

My email address is James.Bowater@cityam.com

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 🙏🏻

Yesterday’s Crypto AM Daily in association with Luno

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 $1,197,695,361,223.

What Bitcoin did yesterday

We closed yesterday, July 19 2021, at a price of $30,817.83, down from $31,796.81, the day before.

The daily high yesterday was $31,885.86 and the daily low was $30,563.74.

This time last year, the price of Bitcoin closed the day at $9,164.23. In 2019, it closed at $10,767.14.

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $557.44 billion. To put it into context, the market cap of gold is $11.544 trillion and Facebook is $955.4 billion.

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $23,740,894,084, up from $17,309,332,496 yesterday. 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 59.44%.

Fear and Greed Index

Market sentiment today is 22.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 46.01, Its lowest ever recorded dominance was 37.09 on January 8 2018.

Relative Strength Index (RSI)

The daily RSI is currently 39.47. 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

“PayPal had these goals of creating a new currency. We failed at that… I think Bitcoin has succeeded on the level of a new currency, but the payment system is lacking.”

– Peter Thiel, PayPal co-founder

What they said yesterday

One to watch…

Perspective…

Long game…

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

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Crypto AM: Tiptoe through the Crypto with Monty Munford

Crypto AM: Definitively DeFi

Crypto AM Parliamentary Special

Part one of two – April 2021

Part two of two – April 2021

Five-part series – March 2021

Part one…

Part two…

Part three…

Part four…

Part 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

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