Monday 20 September 2021 11:16 am

Crypto markets take another hit amid darkening economic outlook

ONLY NINE DAYS TO GO…

Take advantage of our early bird offers for the Crypto AM Summit and Awards.

Crypto at a glance

It’s a sea of red across the cryptocurrency markets today, with Bitcoin falling below $45k for the first time since last Tuesday. The largest cryptocurrency is currently down roughly seven per cent over the last 24 hours. Ethereum, the second-largest by market cap, has fallen even further, dropping nine per cent since yesterday morning to around the $3,100 mark. Other alt coins have seen similar drops of around 10 per cent.

Commentators are speculating that the drop is the result of increased chatter around regulatory crackdowns, with traders opting to take profits. The fall is also echoed by plunges across the wider traditional markets, with European stock markets all dropping sharply at the open too.

In the City, the blue-chip FTSE 100 has fallen to a two-month low in early trading. 

The fall comes amid a blackening economic outlook, as the Delta variant of COVID-19 continues to wreak havoc, inflation continues to rise, and the supply chain suffers from blockages.

There are also rising fears that the growing crisis at property giant China Evergrande Group may become a systemic problem to global markets and trigger a wider sell off.

Some observers have called the Evergrande crisis China’s “Lehman moment”, with the company – which is China’s second-biggest developer – owing some $300bn to contractors, investors and homebuyers.

The potential return of a correlation between the crypto and traditional markets will spark memories of last year’s collapse, which saw the two move in lockstep for much of the turbulent beginning to COVID-19 as lockdowns kicked off around the world.

Will things get worse as we head into Winter? Can the crypto markets untangle themselves?


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

Judges announced for next month’s Crypto AM Awards 2021

Crypto AM is delighted to announce Luno as Gold Partner 

Crypto AM is delighted to announce Luno as the Platinum Partner

Crypto AM is delighted to announce Cudos as Gold Partner 

Crypto AM is delighted to announce CUDOS as a Gold Partner

Crypto AM is delighted to announce MELD as Gold Partner 

Crypto AM is delighted to announce MELD as a Gold Partner

Crypto AM is delighted to announce Umbria Network as Silver Partner 

Crypto AM is delighted to announce Umbria Network as a Silver Partner

Friday’s City AM Daily in association with Luno

price of Bitcoin

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 🙏🏻

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 $2,020,458,011.152. 

What Bitcoin did yesterday

We closed yesterday, 19 September 2021, at a price of $47,260.22, down from $48,278.36 the day before. The daily high yesterday was $48,328.37 and the daily low was $46,919.80. 

This time last year, the price of Bitcoin closed the day at $10,938.27. In 2019, it closed at $10,181.64. 

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $856.64 billion. To put it into context, the market cap of gold is $11.132 trillion and Facebook is $1.028 trillion. 

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $29,620,511,565. 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 41.33%.

Fear and Greed Index

Market sentiment today is 50.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 42.25, Its lowest ever recorded dominance was 37.09 on January 8 2018.

Relative Strength Index (RSI)

The daily RSI is currently 46.18. 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

“The launch of dedicated crypto research is in recognition of the growing significance of cryptocurrencies and other digital assets in global markets.” 

Global investment bank Morgan Stanley

What they said yesterday

El Salvador, bullish as ever…

And counting…

Impenetrable…

Guess you could say it’s been a good decade…

Crypto AM: Editor’s pick

Binance probed over suspected insider trading

Changpeng Zhao Binance CEO

Cardano Alonzo upgrade sees 100 smart contracts in first 24 hours

Cardano coin

Morgan Stanley to launch new research team led by Sheena Shah

morgan stanley
(AFP via Getty Images)

Bitcoin can now be purchased using the Post Office app

Royal Mail Undecided In Further Post Office Closures
(Getty Images)

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

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

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