Tuesday 27 July 2021 11:07 am

Everyone's an expert as long as they are anonymous

I am not a journalist and have always made it clear that I am not – it is disrespectful to my amazing colleagues at City AM who have spent years honing their craft. And, as London’s business newspaper for the last fifteen years, City AM has built a solid reputation for its reporting.

So it never ceases to amaze me when self interest and attention seeking takes over the narrative. In response to Amazon publicly advertising to recruit folks with blockchain and cryptocurrency experience, Crypto AM editor Darren Parkin reached out to an Amazon insider who verified their identity, employment status and is a 100% solid source.

Given the nature of the piece and the effect it had,  it’s really not surprising that Amazon issued a denial – although with less than six months of 2021 to run to say ‘not this year’ isn’t a big ask to put things back – is it? 

Whatever the position, it seems utterly bonkers to think that the Amazon source was lying in such detail.  I am completely satisfied with the article Darren published and that’s that – maybe those anonymous people on Twitter giving him a hard time (sometimes to the level of unprintable) might look back and feel they were wrong in time.

Anyways, moving on….

Crypto at a glance

Bitcoin topped out at just over $40,000 yesterday evening, before a sharp retrace brought it back down to around $37,300 this morning. It was the first time since June that the Bitcoin price has exceeded $40k, which is becoming an increasingly stubborn point of resistance for the world’s largest cryptocurrency.

Still, it’s important to remember that just days ago, all eyes were on Bitcoin crashing below $30,000 and people were sharpening their obituary-writing quills. Despite the apparent volatility over the past week, Bitcoin has yet to really leave the $30-40k range where it’s now been for two entire months.

The overnight price drop came as Amazon issued a denial-of-sorts to reports that it’s planning on launching its own cryptocurrency and could start accepting Bitcoin for payment as early as this year. The retail giant reiterated its interest in the space and its commitment to exploring how customers could benefit, though said the specific details of the insider’s comments were not true. Which specific details? Was Amazon just testing the public reaction?

It’s also important to remember that the Amazon rumours were just the tip of the iceberg on a bullish week of news that included Twitter CEO Jack Dorsey committing to integrating Bitcoin payments into his social media platform, and Elon Musk reaffirming his commitment to Bitcoin and crediting it for improving its renewable energy mix. Amazon rumours aside, the momentum seems to have already shifted in Bitcoin’s favour. Was it just stubborn resistance at $40k?

It’s much quieter this morning after yesterday’s excitement, with everything pulling back after an epic 24 hour surge. Ethereum is back changing hands for around $2,200 (down five per cent), Cardano is trading around $1.25 (down six per cent), and Binance Coin is down 3.5 per cent to $300.

TOMORROW! Cudos proudly presents the Crypto AM 3rd Birthday Unlocking Summer Party at Boisdale of Canary Wharf

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 Pete Hill 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 Dr Chris Cleverly of Tingo International Holdings & KamPay.  On the panel are Julian Sawyer of Bitstamp, Jeanette Seng of Mantle, Rufus Round of GlobalBlock Digital Trading Assets, Martha Reyes-Hulme of BEQUANT and Konstantin Anissimov of CEX.IO

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.

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

NamePricePrice Change (24h)Price change (7 days)
Bitcoin (BTC)$37,094.85-4.31%+24.29%
Ethereum (ETH)$2,199.62-6.98%+24.53%
XRP (Ripple)$0.627-5.90%+17.91%
Litecoin (LTC)$128.90-6.87%+20.76%
Bitcoin Cash (BCH)$476.12-6.23%+20.15%

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 $1,465,172,618,590.

What Bitcoin did yesterday

We closed yesterday, 26 July, 2021, at a price of $37,337.53, up from $35,350.19, the day before.

The daily high yesterday was $40,499.68 and the daily low was $35,287.31.

This time last year, the price of Bitcoin closed the day at $10,990.87. In 2019, it closed at $9,477.68

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $697.89 billion. To put it into context, the market cap of gold is $11.391 trillion and Facebook is $1.056 trillion.

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $40,680,137,837, up from $35,443,317,426 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 53.91%.

Fear and Greed Index

Market sentiment today is 32.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 48.21, Its lowest ever recorded dominance was 37.09 on January 8, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 64.99. 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

“It might make sense just to get some in case it catches on.”

– Satoshi Nakamoto, Bitcoin creator

What they said yesterday

How pumps happen?

It’s happening?

Invest with your head, not your heart…

Crypto AM editor’s picks

Steve Jobs’ 1973 application to be auctioned in original format AND as an NFT

Surf legend Kelly Slater is ready to ride the crypto wave

Cardano leapfrogs Bitcoin as eToro clients most held cryptocurrency

Coinbase gets green light from German regulators

Crypto AM: Longer Reads

City AM Markets: What is Decentralised Finance (DeFi) by Aave

Crypto AM: Conversation with James Bowater

Crypto AM: Market View in association with Ziglu

Crypto AM: Technically Speaking in association with Zumo

Crypto AM: A Trader’s View with TMG

Crypto AM: Mixing in the Metaverse with Dr Chris Kacher

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

Crypto AM: Spotlight

Crypto AM: Founders Series

Crypto AM: Industry Voices

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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