It may be a new month, but it seems Bitcoin’s woes aren’t quite finished yet. The weekend saw Bitcoin once again drop below $19k, before recovering slightly. It’s changing hands for $19,411 this morning – up almost one per cent over the past 24 hours.
All-in-all, June was undeniably a bad month for both crypto and the global financial markets. Bitcoin suffered its biggest monthly price drop since 2011, falling 37.3 per cent. Ethereum, meanwhile, finished last month down 45 per cent. Will July bring better fortunes?
The United States will not return to trading desks until July 5 due to Independence Day. How will it impact the price activity? Happy fourth of July to all our American friends.
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.
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
*Definitions and insights can be found at https://bytetree.com/research
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $865 billion.
What Bitcoin did yesterday
We closed yesterday, July 3 2022, at a price of $19,297.08. The daily high yesterday was $19,588.27 and the daily low was $18,966.95.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $365 billion. To put it into context, the market cap of gold is $11.48 trillion and Tesla is $706.6 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $15,112 billion. 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 71.12%.
Fear and Greed Index
Market sentiment today is 14, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.32. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 29.25. 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 for everyone.”
Jack Dorsey, CEO of Square
What they said yesterday
Have you bought yours?
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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 on the catwalk
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