DON’T FORGET! Take advantage of our early bird offers for the Crypto AM Summit and Awards.
Crypto at a glance
El Salvador is now, officially, the first country in the world where Bitcoin is legal tender.
But did the nation’s Bitcoin party pass without incident? Of course not. This is the curious world of cryptocurrency where volatility and controversy are seldom far from the spotlight.
In the hours leading up to going live and issuing $30 of free Bitcoin into the government-backed crypto wallets of any citizen who wanted one, Bitcoin took a spectacular tumble, taking with it nearly every digital asset on the market.
In the space of an hour it plummeted 10% – collapsing from $52,500 to below $47,000.
Eyebrows were raised across the globe, but perhaps none were raised quite so loftily as Nayib Bukele. The El Salvadorian president – a regular combatant with the International Monetary Fund – offered a spiky but veiled accusatory finger towards the IMF.
“Buying the dip! 150 new coins added,” he tweeted as soon as the flash crash was in full flow.
He later taunted: “It seems the discount is ending. Thanks for the dip IMF. We saved a million in printed paper. El Salvador now holds 550 Bitcoin.”
Wait. ‘Thanks for the dip, IMF’? Did the president of a country suggest the IMF has the ability to manipulate the price of Bitcoin?
Bukele’s skirmishes with the IMF and a plethora of other international financial regulatory bodies are well chronicled and, largely, consigned to history. But will such a blunt, straight-up accusation like that pass by without recourse?
Most probably. After all, El Salvador and Bukele are news gifts that seem to keep on giving.
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: email@example.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 $2,064,680,450,959.
What Bitcoin did yesterday
We closed yesterday, September 7 2021, at a price of $46,811.13 down from $52,633.54 the day before. The daily high yesterday was $52,853.76 and the daily low was $43,285.21.
This time last year, the price of Bitcoin closed the day at $10,131.52. In 2019, it closed at $10,441.28.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $852.42 billion. To put it into context, the market cap of gold is $11.412 trillion and Facebook is $1.077 trillion.
The total spot trading volume reported by all exchanges over the last 24 hours was $66,361,765,573, up from $40,918,439,095 the day before. 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 45.46%.
Fear and Greed Index
Market sentiment today is 47.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.21, Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 44.23. 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
“Today Bitcoin was formally recognized as legal tender in its first country. Beyond the headlines, there is now pressure on competing nations to acquire Bitcoin – even if only as a reserve asset – as its design massively incentivizes early adoption. Latecomers may regret hesitating.”
Edward Snowden on El Salvador’s landmark BTC adoption
What they said yesterday
Inspiring the rest of the world…
Remember this day…
Crypto AM: Editor’s pick
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
CV Labs Partnership launches British crypto firm Evai onto Bittrex global exchange
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