Cryptocurrency markets struggle again as debt ceiling deal fails
Crypto at a glance
The prices of Bitcoin and other major cryptocurrencies are largely flat over the last 24 hours, though still down slightly from before Friday’s news about China.
Bitcoin is currently changing hands for just over $42,000, up by about one per cent since yesterday morning. Ethereum (ETH) is also holding at just below the $3,000 mark. Only Solana is up today, rising three per cent over the past day to $140.
It was a bad day generally in the markets, with the US markets recording losses and the Nasdaq sinking to its lowest levels in over a month after Republican lawmakers blocked measures to suspend the federal debt ceiling and avoid a partial government shutdown.
September has always been a bearish month for Bitcoin, with October to December historically seeing improvements. This has been quite the rollercoaster though – even by Bitcoin’s standards!
It was adopted as legal tender in El Salvador and added to Twitter’s new tipping service, but faltering global markets and more China-related banning news have contributed to a likely first negative monthly close for Bitcoin since June.
Bitcoin is currently down eight per cent from the monthly open. This is the fifth consecutive September with negative returns for Bitcoin.
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 🙏🏻
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 $1,867,658,047,908.
What Bitcoin did yesterday
We closed yesterday, September 28 2021, at a price of $41,034.54, down from $42,235.73 the day before. The daily high yesterday was $42,775.15 and the daily low was $40,931.66.
This time last year, the price of Bitcoin closed the day at $10,844.64. In 2019, it closed at $8,104.19.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $796.72 billion. To put it into context, the market cap of gold is $11.05 trillion and Facebook is $960.44 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $29,765,499,653, down from $31,481,508,748 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 54.8%.
Fear and Greed Index
Market sentiment today is 24, still in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.16, up from 41.98 yesterday. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 44.58, down from 45.70 yesterday. 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
“I see Bitcoin as ultimately becoming a reserve currency for banks, playing much the same role as gold did in the early days of banking. Banks could issue digital cash with greater anonymity and lighter weight, more efficient transactions.”
Hal Finney, early Bitcoin developer and cypherpunk
What they said yesterday
Can we call it a success yet?
Maybe…
What are your plans?
Adoption in motion 🎉
Crypto AM: Editor’s pick
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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
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